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The Non-Farm Payroll data for January surprise to the upside, leading to a surge in volatility as the weekend approached. January's employment data surpassed expectations, with the creation of 353k new jobs compared to the anticipated 180k.
Moreover, a significant upward revision of December's data indicated that January's positive trend was not an isolated phenomenon, suggesting that the labor market is not just robust but notably strong. Furthermore, the unemployment rate held steady at 3.7%, in contrast to forecasts of 3.8%.
The labor market has become a focal point for market observers, especially as the impact of restrictive monetary policies seems to have had minimal effect on job market dynamics in the ongoing effort to curb inflation and bring it back to the 2% target.
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