2.4.22 Job Rebound Likely Keeps Fed on Track
The U.S. economy added 467,000 jobs in January, well ahead of the consensus estimate of 125,000, and December’s disappointment was wiped off the books after being revised upward from 199,000 to 510,000. Seasonal adjustments in January are often challenging and today’s upside surprise should probably be greeted with some skepticism. Nevertheless, a strong print in the month when the economic damage from Omicron likely peaked certainly tilts positive for the economic outlook. While good news for the economy, S&P 500 futures dipped modestly following the release on concerns over a potentially aggressive Federal Reserve (Fed).
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