Inflationville! US Jobs Added Surprises At +467k, But REAL Hourly Wage Growth FALLS To -2.36% YoY Thanks To Inflation

Confounded Interest ^ | 02/04/2022 | Anthony B. Sanders

[Browns Ultra Fan]

Well, the COVID hysteria from the Biden Administration and the media preparing us for a horrible jobs report was … incorrect. In fact, the January jobs report was “exceptional”. 467,000 jobs were added and average hourly earnings growth ROSE to 5.7% YoY.

The bad news? Thanks to surging inflation, REAL average hourly earnings growth YoY FELL to -2.36%.

Unemployment ROSE to 4.0% from 3.9% as more people dropped out of the labor force in January. On the bright side, labor force participation rate rose to 62.2% from 61.9%.

The reaction in the bond market? US 10-year yields are up 6.9 basis points as Eurozone is up across the board.

Energy prices are up (except natural gas futures).

Another day in inflationville.

[Browns Ultra Fan]

I am suspicious of the jobs added data since they rely on states to report. Pennsylvania may dumped jobs in the report.

[MGunny]

Highly suspect of the numbers.Now the market will tank, Fed says they’ll raise rates to cool off the great economy. What a mess.

[logi_cal869]

Bottom line: Did anyone 'fact check' the original ADP reports earlier in the week?

But of course they didn't.

Herr Psucki was just doing damage control on a rosy report.

That meets the new definition of 'normal behavior'.

/s

[ptcmama]

Also ADP reports non-government jobs only. So maybe dems created 700000 govt jobs. It’s possible.