(Click on image to enlarge)Total nonfarm employment (NFP) grew by 143K jobs in January, which came in below street estimates of 169K. These results were below the average monthly job gains in 2024, at 166K. However, December and November results were revised higher by a combined 100K jobs. So if we combine January results with the prior month revisions higher, we get about 243K jobs created. Which is a pretty solid start to the new year.Private sector payrolls grew by 111K jobs, while government jobs increased by 32K. Within the private sector, manufacturing saw zero new job gains for the month (with small gains in construction and non-durable goods being completely offset by the decline in mining & motor vehicles), while services gained 111K net jobs (with retail +34.3K and health care +66K leading the way).(Click on image to enlarge)With the strong upward revisions to prior months, the unemployment dropped from 4.1% to 4.0%, a 7 month low. And well below the historical average of 5.7%.(Click on image to enlarge)Average hourly earnings grew 0.5% in January, which was a strong beat compared to the streets expectations of a gain of 0.3%. This was the strongest monthly wage gain since June 2023 (19 months).(Click on image to enlarge)Average hourly earnings have grown 4.1% over the last 12 months. Which is above the rate of inflation and the historical average of annualized wage gains (+3.1%).Despite the miss on net job gains, the details under the surface were solid. Revisions were strong, the unemployment rate dropped, and wages grew at an above average pace. No chance the Fed can cut rates anytime soon though.Google Earnings Breakdown Advanced Micro Devices (AMD) Earnings Breakdown Services Sector Expands At A Slower Pace In January
