Payrolls gain 467,000 in January. Massive upward revisions to Nov and Dec too. (unemployment rate, wages)

[James Bond 007]

In the thread about Wednesday's ADP jobs numbers, I said that ADP had not been a reliable indicator for the BLS's jobs numbers two days hence. And indeed, that is the case once again.

Payrolls show surprisingly powerful gain of 467,000 in January despite omicron surge

Payrolls rose far more than expected in January despite surging omicron cases that seemingly sent millions of workers to the sidelines, the Labor Department reported Friday.

Nonfarm payrolls surged by 467,000 for the month, while the unemployment rate edged higher to 4%, according to the Bureau of Labor Statistics. The Dow Jones estimate was for payroll growth of 150,000 and a 3.9% unemployment rate.

The stunning gain came a week after the White House warned that the numbers could be low due to the pandemic.

And of note:

Along with the big upside surprise for January, massive revisions sent previous months considerably higher.

December, which initially was reported as a gain of 199,000, went up to 510,000. November surged to 647,000 from the previously reported 249,000. For the two months alone, the initial counts were revised up by 709,000. The revisions came as part of the annual adjustments from the BLS that saw sizeable changes for many of the months in 2021.

Those changes brought the 2021 total to 6.665 million, easily the biggest single-year gain in U.S. history.

[James Bond 007]

With all the new revisions that came out today, here are the new numbers since Biden's first full month in office:

BLS: https://data.bls.gov/timeseries/CES0..._view=net_1mth

Feb 2021: 710,000
Mar 2021: 704,000
Apr 2021: 263,000
May 2021: 447,000
Jun 2021: 557,000
Jul 2021: 689,000
Aug 2021: 517,000
Sep 2021: 424,000
Oct 2021: 677,000
Nov 2021: 647,000
Dec 2021: 510,000
Jan 2022: 467,000

[Retroit]

Psaki lied to us again.

(She said the numbers would be down because of people calling in sick.)

[James Bond 007]

Originally Posted by Retroit

Psaki lied to us again.

When she said that she just simply didn't know what the numbers would be yet. Lots of people besides the White House were speculating the numbers might come in negative.

[foodyum]

Originally Posted by Retroit

Psaki lied to us again.

Did you sell based on her prediction?
Lesson learned- don’t take stock tip advice from psaki.

In other news- this is great for the us economy.

[tipsyguam]

unless UE reaches the 3.5% we had under the previous administration pre plandemic, parroting the MSM about employment data is only going to be embarrassing for you under Quid Pro Joe.

[warhorse78]

And it all means jack squat thanks to the rise in inflation!

[Daryl_G]

The stunning gain came a week after the White House warned that the numbers could be low due to the pandemic.

Biden had his press secretary give the old "Head Fake" and it worked.

This economy does not feel right to me, has not for 3-4 years, likely just me.

[BlakeJones]

It's about time these people went back to work

[James Bond 007]

The guy on the Bonddad blog always gives a good overview of this data. And he notes:

The Bonddad Blog: January jobs report: huge gain in wages, huge upward revisions to past few months, limited Omicron impact

Wages of non-managerial workers
Average Hourly Earnings for Production and Nonsupervisory Personnel: rose $0.17 to $27.91, which is a 6.9% YoY gain. This continues to be excellent news, especially considering that a huge number of low-wage workers have finally been recalled to work.