January Payrolls Huge Beat, Soaring 467K As December Revised Massively Higher; Earnings Overheating

So much for all those hoping that January payrolls would be a huge miss (due to Omicron or not) and perhaps slow the Fed’s rate hike intentions: moments ago the BLS unleashed a two-for-one shock when it unveiled that not only did January payrolls print at a huge 467K, almost four times higher than the 125K expected (and as a reminder, Goldman expected -250K), but the BLS also revised December payrolls from 199K to 510K.

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