U.S. creates 227,000 jobs in January; unemployment 4.8%

• Prior 156k. Revised to 157k
• Unemployment rate 4.8% vs 4.7% exp. Prior 4.7%
• Average hourly earnings 0.1% vs 0.3% exp m/m. Prior 0.4%. Revised to 0.2%
• 2.5% vs 2.8% exp y/y. Prior 2.9%. Revised to 2.8%
• Average weekly houyrs 34.4 vs 34.3 exp. Prior 34.3. Revised to 34.4

Participation rate 62.9% vs 62.7% prior (that will affect the unemployment rate)

U6 underemployment 9.4% vs 9.2% prior (another negative)

Private payrolls 237k vs 169k exp. Prior 144k. Revised to 165k

Manufacturing payrolls 5k vs 4k exp. Prior 17k. Revised to 11k

Government payrolls -10k vs 12k prior. Revised to -8k

Wages will sink this report.
Not great news and a reminder that the market doesn't really give a hoot about the headline number.
Wages came off the boil and that will be a fat red cross in the Fed's hike column. Unemployment rose but that's mostly tied with the participation rate. The U6 is another problem as more people are being underutilised. This is far from a game changing report but it's negative enough to ruffle hike hopes for March, for now.