The experts are stunned by the red-hot US jobs report. In Bloomberg's survey of 77 economists, no one came close to spotting the outcome of 353,000 jobs.
The highest advance tip was 300,000.
Bloomberg's macro strategist Cameron Crise describes the report as consistently "super strong", where wage growth was also twice as high as expected on a monthly basis.
Several observers point out that a recession now seems very far away.
"This looks more like a no-landing than a soft landing," writes Steve Goldstein at Market Watch.
A March rate cut by the Fed is now out of the question, according to several comments. The markets have also begun to waver around the May decision, where a reduction is now no longer fully priced in.
Allianz's top economist Mohamed El-Erian tweets that the "wow" report is good news for the US economy, but worrisome for Wall Street and the Fed.
"The Fed will be torn between welcoming an exceptionally strong job market and worrying about wage-driven inflation," he writes.
......................................................
Strong jobs report in the US: "Can write off recession"
353,000 jobs were created in the US in January. Expected was 180,000, according to Trading Economics' forecast compilation. The December figure is simultaneously revised upwards sharply from 216,000 to 333,000.
The average hourly wage, which the Fed looks at extra from an inflation point of view, increased by 4.5 percent at an annual rate. Expected was 4.1 percent.
The American ten-year interest rate rushes about 10 points to 3.98 percent immediately after the report release.
"Extremely strong American labor market - the market will probably completely write off the March slowdown - and recession", tweets SEB economist Robert Bergqvist.
Inga kommentarer:
Skicka en kommentar