January nonfarm payroll numbers surprise to the upside

The US economy unexpectedly added 467,000 payrolls in January, according to the Bureau of Labor Statistics, much better than analysts' expectations for a print of 150,000.

According to the all-important nonfarm payrolls report, employment growth continued in leisure and hospitality, up 151,000 month-on-month, while increases were also seen in professional and business services, retail trade, transportation and warehousing.

Employment in local government education rose by 29,000 but was little changed in mining, construction, manufacturing, information, financial activities, and other services.

The unemployment rate, on the other hand, increased from 3.9% to 4.0%, while average hourly earnings increased to 0.07% from 0.05% a month earlier.