Economists and Wall Street experts were expecting a major loss of jobs or modest increase in employment for the month of January. Instead, surprising all of the prognosticators, employment boomed with the addition of 467,00 jobs.
It was the first time ADP reported negative job growth since December 2020.”
Job gains for November and December were revised up by more than 700,000. The initially reported gain of 199,000 jobs in December was revised to 510,000. According to the monthly survey of households, 6.5 million Americans are unemployed, down from 23.1 million in April 2020, but up from 5.8 million in February 2020., a widely followed chronicler of Wall Street and the securities markets, wrote, “Not a single Wall Street analyst out of 78 expected a jobs number anywhere close to this. The actual print was double the highest forecast.