January Payrolls Miss: Only 49K Jobs Added As Unemployment Rate Tumbles To 6.3%

Following last month’s dismal unemployment print, which saw the first contraction since April in December payrolls, expectations were high for a solid rebound in January – maybe too solid – and unfortunately while jobs did grow in January, the final number of +49,000 came in well below the 105K consensus estimate, if up solidly from December’s downward revised -227K.

Developing.