It's hard to believe with so many layoffs in the US Energy sector or "oil patch" states with crude having fallen so much that domestic shale producers can't produce a barrel for what one can be bought, but January Non-Farm Payrolls came in at +257k vs consensus of 228k, breaking the streak of missed January's 9 of the last 10.
Hourly earnings saw the largest surge since 2008 from last month's -.2% to a very strong +.5%.
As part of the BLS's routine, annual revisions, many months were revised higher, for instance November was revised higher from 353k to 423k, December from 252k to 329k.
All told revisions added a whopping 147k jobs.
Ironically the unemployment rate ticked up to 5.7% from 5.6% on consensus of 5.6% despite the beat.
The F_E_D is virtually bound to hike rates by June with jobs data like this, although it defies belief with so many lay-ofs in the Energy sector...
This has been the market's knee jerk reaction thus far...
ES / SPX futures 1 min,
but the last few candles since this capture appear to show the market thinking about this print, it doesn't do anything good for the market except move it that much closer to a F_E_D rate hike... We'll see if the market keeps thinking this through as it appears to be doing.
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