Market reassesses likely Fed policy after January NFP figures

Summary: Non-farm payrolls up 517,000 in January, much greater than expected; previous two months’ figures revised up by 71,000; jobless rate declines to 3.4%, participation rate up; gains “broad-based”; investors reassess Fed expectations; employed-to-population ratio up; underutilisation rate up from 6.5% to 6.6%; annual hourly pay growth down from 4.8% to 4.4%. The US economy ceased producing jobs in net terms as infection controls began to be implemented in March...

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