“That’s A Pretty Big Conclusion To Make”: WSJ Questions Interpretation Of “Disappointing” Jobs Number

Investors and traders aren't enamored with the January jobs number. And why should they be? After all, at 227k it "only" beat estimates by something like 50k. Seconds after the number hit the tape, the algos jumped all over the miss in average hourly earnings which grew 0.1% m/m, the slowest pace since August and just one third of consensus. Yields dipped, the dollar fell, and so did the odds of a March rate hike. Everyone seems to think the Fed will make like the vacuum tubes and key on th