January Payrolls Miss Big, Adding Only 151,000 Jobs, But Hourly Wages Jump And Unemployment Slides To 4.9%
"A quick glimpse at the big miss in the January payrolls report, which just reported only 151,000 jobs gains well below the 190,000 expected (if precisely on top of the whisper number), would have been sufficient to send futures soaring in the pre market."
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"However, one glance below the headline and things get troubling because if indeed the Fed is most focused on the growth in hourly wages then we may have a problem: average hourly wages jumped by 0.5% - and 2.5% from a year ago - far above last month's unchanged print, and quite a bounce to the expected 0.2%, suggesting wage inflation is indeed starting to heat up and putting the Fed in a very uncomfortable place."
