US January non-farm payrolls +151K vs +190K expected

• Prior was 292K (revised to 262K)
• Private payrolls 158K vs 180K exp
• Manufacturing payrolls +29K vs -2K exp

Wages

• Avg hourly earnings +0.5% vs +0.3% m/m exp
• Prior avg hourly earnings 0.0% m/m
• Avg hourly earnings 2.5% vs 2.2% y/y
• Prior y/y avg hourly earnings 2.5% (revised to 2.7%)
• Avg hours 34.6 vs 34.5 exp

Employment rate

• Unemployment rate 4.9% vs 5.0% exp
• Prior unemployment 5.0%
• Labor force participation 62.7% vs 62.7% exp
• Prior participation 62.6%
• Underemployment rate 9.9% vs 9.9% expected

4.9%?  Yeah, that makes sense....