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

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STOCK IMAGE: We're hiring notice on a small blackboard. (iStock)
  • Nonfarm payrolls rose 467,000 in January, well ahead of the 150,000 Wall Street estimate.
  • Leisure and hospitality led the gains, while professional and business services and retail also posted big numbers.
  • Wages surged, rising 0.7% for the month and 5.7% for the year.
  • Massive revisions juiced up the November and December totals by 709,000.

“And whatever you do, do it heartily, as to the Lord and not to men “Colossians 3:23

 

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.

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