Trump's First Payroll Report: 227K Surge In Jobs, But Earnings Disappoint; Unemployment Rate Ticks Higher

Tyler Durden's picture

Donald Trump's first official economic report has started off on the right foot, with the BLS reporting that some 227K jobs were added in January, far above the 175K expected, and in line with the ADP number.

The change in total nonfarm payroll employment for November was revised down from +204,000 to +164,000, and the change for December was revised up from +156,000 to +157,000. With these   revisions, employment gains in November and December combined were 39,000 lower than previously reported.

Offsetting the headline surge in jobs was a disappointment in the average hourly earnings which rose a tepid 0.1% , below the 0.3% expected, and below the downward revised December 0.2% (from 0.4%) despite January being the month in which minimum wage hikes took place across 19 states.

On the year, average hourly earnings rose by 2.5%, the weakest annual growth since August. In January, average hourly earnings of private-sector production and nonsupervisory employees increased by 4 cents to $21.84.

While the amount of average weekly hours for all employees remained flat at 34.4, the average weekly earnings dipped to 1.9%, the lowest print in the past year.

Judging by the market reaction, which has seen the dollar drop as stocks and bonds rose, this is a mildly dovish report and is likely to sow more doubts about the Fed's plane to hike rates three times in 2017.

Also of note, the unemployment rate ticked up from 4.7% to 4.8% even as the number of employed workers according to the Household survey declined modestly.

More details from the report:

  • Total nonfarm payroll employment rose by 227,000 in January. Employment increased in retail trade, construction, and financial activities.
  • Retail trade employment increased by 46,000 over the month and by 229,000 over the year. Three industries added jobs in January--clothing and clothing accessories stores (+18,000), electronics and appliance stores (+8,000), and furniture and home furnishings stores (+6,000).

    Employment in construction rose by 36,000 in January, following little change in December. Residential building added 9,000 jobs over the month, and employment continued to trend up among residential specialty trade contractors (+11,000). Over the past 12 months, construction has added 170,000 jobs.

  • Financial activities added 32,000 jobs in January, with gains in real estate (+10,000), insurance carriers and related activities (+9,000), and credit intermediation and related activities (+9,000). Financial activities added an average of 15,000 jobs per month in 2016.
  • In January, employment in professional and technical services rose by 23,000, about in line with the average monthly gain in 2016. Over the month, job gains occurred in computer systems design and related services (+13,000).
  • Employment in food services and drinking places continued to trend up in January (+30,000). This industry added 286,000 jobs over the past 12 months.
  • Employment in health care also continued to trend up in January (+18,000), following a gain of 41,000 in December. The industry has added 374,000 jobs over the past 12 months.
  • Employment in other major industries, including mining and logging, manufacturing, wholesale trade, transportation and warehousing, information, and government, showed little change over the month.
  • The average workweek for all employees on private nonfarm payrolls was unchanged at 34.4 hours in January. In manufacturing, the workweek edged up by 0.1 hour to 40.8 hours, while overtime edged down by 0.1 hour to 3.2 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was 33.6 hours for the sixth consecutive month.
  • In January, average hourly earnings for all employees on private nonfarm payrolls rose by 3 cents to $26.00, following a 6-cent increase in December. Over the year, average hourly earnings have risen by 2.5 percent. In January, average hourly earnings of private-sector production and nonsupervisory employees increased by 4 cents to $21.84.

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Looney's picture


The January Jobs Report is quite disturbing.

Blow Jobs and Hand Jobs are down 7.24% and 8.61%, respectively.

Nut Jobs and Whack Jobs are up 11.0%, each.

The Unemployable Rate amongst Snowflakes is the same – 99%.

Looney   ;-)

VinceFostersGhost's picture



Soo.......when do the revisions hit?

StackShinyStuff's picture

Technically Obama's last report?  Yes, no maybe?  Discuss...

FreezeThese's picture
FreezeThese (not verified) StackShinyStuff Feb 3, 2017 8:42 AM

Thank Obama for the jobs ... Thank trump for unemployment 

A Nanny Moose's picture

run along now....back to your paste eating.

cloud_boost's picture
cloud_boost (not verified) A Nanny Moose Feb 3, 2017 8:53 AM

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do,...

Shocker's picture

Lets keep the winning news going

Job Winning News -


Paper Mache's picture

Wow, and president Trump has only been in office for 2 weeks!

Bill of Rights's picture

You're as nutty as a fruit cake, its a wonder you remember how to breath.

NordikAvenger's picture

Logic makes you "nutty"?  What's the connection?  20 days of the month were Obama and 11 days were Trump.  How do you assign responsibility to what happened between the two of them?

oh wait, I know!  "Market exuberance for incoming Trump".  Something that is totally not measurable with the data you have.

The lack of thought here boggles the mind.

TheLastTrump's picture

Yes, yours. >>> "The lack of thought here boggles the mind."


Your reply to his post had nothing to do with what he said you moron.

Paper Mache's picture

Fuck off nippledick.    PRESIDENT Trump has been in office for only 2 glorious weeks. Those figures belong fair and square to Obongo.  

They weren't real jobs! Most were students taken off official unemploymwnt lists, to study courses that employers are seriously not looking for, using student loans that will never be paid back. Something like $1.3 TRILLION at the moment.  Obongo did not create jobs, 

petar's picture

They are probably counting the jobs Trump is supposed to bring back

charms's picture

Snow Jobs for snowflakes.

halcyon's picture

Morons. There is a 6-9 mo delay from a political decision (that has come to power in actuality) into actual GDP/PMI/hiring numbers.

The first Trump report comes out in Q3 at the earliest.


clade7's picture

You left out Rim Jobs, which I assume are up?  Extrapolating data from November?  Combined with the Hollywood Award and Spring fashion shows?  Plus, Obama cant be golfing all the time?  On this alone, theres gotta be a slight rise in Rimmers right?  


FWIW, I could use a good rimmer from a talented cool tongue afficianado like Obama...I made the mistake of eating a whole tub of Jalapeno potato salad, along with some hot pepper shrimp, so bring on the cool tongued snowflakes to give me a good rimmer!...thats why I'm asking...

SallySnyd's picture

Here is a look at one factor that is making it increasingly difficult for the U.S. economy to create new jobs:


The growth in the job market will be constrained even if overseas jobs are repatriated to the United States.

A Nanny Moose's picture

These jobs are lost because of regulation including, but not limited to, labor laws, coerced education, interes rates, etc. Regulation produces shortages.

Perhaps Trump will succeed in rolling back many of them.

NordikAvenger's picture

Oh wait, and automation and computerization doesn't debase the value of human labor?  Seriously?  

....soon there will be less and less that humans can do that will result in sufficient compensation .   Less money for the plebes.  You'd better hope that prices commensurately drop to reflect the loss in the value of human labor or you're gonna have a revolution on your hands.

But you people always idealize the capitalist "captains" who will will pull jobs from you and replace you with robots without a second thought.  They don't give a shit about you and the writing is on the wall.  Wake up!

Always blame the government, of course.  Someone then explain then to me how this plays out for the regular Joe.

TheLastTrump's picture

If the US brings back manufacturing jobs that are currently located in Mexico & China the US will experience strong job creation. We don't need ALL of the jobs back, but we are already getting SOME of them and it will pump up our numbers.

Cursive's picture

These numbers are bullshit, but since the Fed is part of the game and has to accept it for what it is, it means raise rates right NOW!

NoWayJose's picture

We created 200K jobs but the number of employed workers declined? Only in a government report is this possible!

vq1's picture

How many of those jobs are second or third jobs for people? 

d edwards's picture

Just wait. If the number isn't at least 500k per month for the next four years there will be no end to the bitching and moaning!

swmnguy's picture

The FED raise rates?  Shirley you're kidding (yes, I did that on purpose).

The FED can't raise rates.  If the FED raises rates, there goes the free money (available to high rollers at below the rate of inflation, even the official rate, so yes, free) that's being used to pump up the stock market, pay off the insider executives and top shareholders, and jack up the debt that keeps this whole thing going.  There isn't nearly enough actual demand to drive this economy; not by a long shot.  There isn't even enough to be squeezed out of workers via "productivity" and global labor arbitrage; those golden geese have been long since gutted.  Nope, all that's left is financial manipulation.  So that is what we will get.  And financial manipulation relies entirely on free money being printed and pumped through the finance sector, like plasma through a corpse.

All this talk of raising interest rates is just lip service to herd all the villagers into the barn.  Then the bars are slipped through the outside door handles and the torches are held to the thatched roof.  The insurance payouts will be y-u-u-uge!

jamesmmu's picture

Hourly earning = inflation and its miss so wall st not happy, sellout will happen today. They just don't care about the other economic data. Take a look at 10y yields, going down. Inflation not exisit. Trump rally will fade today.

Cursive's picture

I share your bearish sentiment, but under the regime of the last 8 years, once the market moves up early on Friday, it generally finishes green to very green.

PopTheBear's picture

No you got it backwards. No inflation = more stimulus = buy all the things/all asset prices go up

TheLastTrump's picture

Trump rally fading all week. Good points there bud.

Dr. Engali's picture

Just wait for it. Soon the "experts" will be saying that they need 350k per month like they did when Bush was in office. As soon as the affirmative action president came in they lowered that number to 250k.

BlueHorseShoeLovesDT's picture

I posted that Vix would fall after the uncertainty of the report had passsed at 6:29 AM this morning.

NoWayJose's picture

Now that the Fed meeting and employment report are behind us, there is no longer any doubt as to the direction that the highly leveraged "all in" banksters are going to push the market.

BlueHorseShoeLovesDT's picture

Trump pulling back Dodd-Frank doesn't hurt either.


The banks were climbing long before the report.


Trump has the corporations back. 

You can bury your head in the ZH sand and complain or trade things for the way they are.

bobsmith5's picture
"227K Surge In Jobs"            "Unemployment Rate Ticks Higher"

             I don't get it.  These two are absolute opposites and contradictory.  These headlines are totally senseless.  I would like for the author of this insanity to please explain why he would post such nonsense without an explanation.

Brooks_Orpington's picture

As the participation rate increases (the variable you didn't site), the "employable" universe increases.  To the extent the new participators do not find employment yet, the unemployment rate increases.

NoWayJose's picture

They somehow guess at a number of people looking for work. Thus if they guess more people are looking then the rate goes up.

Dr. Engali's picture

The numbers come from the BLS. What you are seeing are people who disappeared from the workforce under Obama to drive the rate down so he looked good magically making their way back into it so that Trump looks bad. Now they can say "look, as soon as Obama left office unemployment started going up".

BigFatUglyBubble's picture

I think more prostitutes and drug dealers got a little hope of going legit (due to Trump policies) so they showered and sobered up long enough to go to the unmployment office and and at least pretend they were trying to look for a job.

Stinkytofu's picture

under the obama regime, many thousands lost hope and completely

gave up, no longer looking for non-existant jobs.  not looking =

not counted in the workforce.

now with the new boss, and the sun shining and the birds singing and

factories hiring, those drop-outs are now actively looking for work,

and are now counted us unemployed looking.

swmnguy's picture

It's all about fucking around with the denominator.  The numerator is all made-up too, but people watch the numerator as if it meant something.  The denominator is the key.

J bones's picture

I just want to know if this is all real or fake. Im losing interest

swmnguy's picture

TL,DR; It's all fake.

Lawn.Dart's picture

wait....  is FAKE NEWS new?  

I'm so confused.  hasn't it always been fake?  Is there some new fakeness about it?

Shed Boy's picture

It's interesting to see how the algos try to interpret the data. The dollar jumped off a cliff and Gold and Silver went straight up. Now it's starting to reverse. We'll see where were at when the market the monkeys with the hammers!

NugginFuts's picture

<--- Present and accounted for, sir! Where should I start hammering first?

June 12 1776's picture

Oh...yes, so the Enron Cooked Bureau of Government Books bequethed upon Obama since Willam Howard Taft now bequeathed Trump has magically "gotten new feet?!?!? LOL WTF..............FAKE NEWS......................

Americans have NEVER positioned themselves to OWN their government of the people, by the people, for the people since the Olde World Order, Star Chamber Lawyer Cabal, King's Monetary Theory Fraud was installed upon the Colonies after the Revolutionary War; even in the last century cycle; then like today; perfected wage & wealth plunder transfer was in full effect, premediated by the Olde World Order, Patho-Klepto-Squidocracy............yet the People didn't recapture their government, they became even further enslaved................

"Wall Street owns the country. It is no longer a government of the people, by the people, and for the people, but a government of Wall Street, by Wall Street, and for Wall Street. The great common people of this country are slaves, and monopoly is the master. The people are at bay; let the bloodhounds of money who dogged us thus far beware." ""Populist" Mary Elizabeth Lease 1890

Pseudo-Aristoi Tyranny primary source of disorder in all Republics of human history. John Adams

The perennial political struggle, was not between the people and king but between the PEOPLE AND THE PSEUDO ARISTOI ..........John Adams

The artificial aristocracy is a mischievous ingredient in government, and provision should be made to prevent its ascendancy. I think that to give them power in order to prevent them from doing mischief, is arming them for it, and increasing instead of remedying the evil. Thomas Jefferson 1813


"To preserve [the] independence [of the people,] we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty,
or profusion and servitude. If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings an our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of
calling the mismanagers to account, but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers."
Thomas Jefferson 1816

"In this point of the case the question is distinctly presented whether the people of the United States are to govern through representatives chosen by their unbiased suffrages or whether the money and power of a great corporation are to be secretly exerted to influence their judgment and control their decisions. Andrew Jackson, 1833

"A Power has risen up in the government greater than the people themselves, consisting of many and various powerful interests, combined in one mass, and held together by the cohesive power of the vast surplus in banks."
John C. Calhoun, 1836

"Behind the ostensible government sits enthroned an invisible government owing no allegiance and acknowledging no responsibility to the people. To destroy this invisible government, to befoul the unholy alliance between corrupt business and corrupt politics is the first task of the statesmanship of the day.
Theodore Roosevelt

"A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The grow of the nation, therefore, and all our activities are in the hands of a few men.......[W]e have come to be one of the worst ruled, one of the most completely controlled and dominated, governments in the civilized world---no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and the duress of small groups of dominant men."
Woodrow Wilson, 1913

When the President signs this act, [THE INVISIBLE GOVERNMENT] by the money power, proven to exist by the Money Trust Investigation, will be legalized.......The people may not know it immediately, but the day of reckoning is only a few years removed. Charles A Lindberg, Sr. 1913

“The real menace of our Republic is the invisible government, which like a giant octopus sprawls its slimy legs over our cities, states and nation… The little coterie of powerful international bankers virtually run the United States government for their own selfish purposes. They practically control both parties, … and control the majority of the newspapers and magazines in this country. They use the columns of these papers to club into submission or drive out of office public officials who refuse to do the bidding of the powerful corrupt cliques which compose the invisible government. It operates under cover of a self-created screen [and] seizes our executive officers, legislative bodies, schools, courts, newspapers and every agency created for the public protection.” – John F. Hylan, NYC, 1922

“The real truth of the matter is, as you and I know, that a financial element in the large centers has owned the government ever since the days of Andrew Jackson.” — Franklin Delano Roosevelt-1933

"For we are opposed around the world by a monolithic and ruthless conspiracy that relies on covert means for expanding its sphere of influence--on infiltration instead of invasion, on subversion instead of elections, on intimidation instead of free choice, on guerrillas by night instead of armies by day. It is a system
which has conscripted vast human and material resources into the building of a tightly knit, highly efficient machine that combines military, diplomatic, intelligence, economic, scientific and political operations. Its preparations are concealed, not published. Its mistakes are buried not headlined. Its dissenters are silenced, not
praised. No expenditure is questioned, no rumor is printed, no secret is revealed." JFK 1961

Master vs Slave, Liberty vs Tryanny.........all else is slave chatter.

Position your minds and be ready to battle to unleash the Republic once again from Tyranny and no our ultimate battle is not against members of the republican or the democrat uniPARTY..........rise above that slave hegelian dialectic; it is against the Olde World Order, Star Chamber Lawyer Cabal, King's Monetary Theory Fraud No Rule as bona fide founders constituted Law..........and the fight for human freedom goes on..............Lincoln never freed all the "slaves".............

nothing new under the Sun

Vive la liberté


King Tut's picture
King Tut (not verified) Feb 3, 2017 8:51 AM


J bones's picture

What are you referring too? So im not missing something.

TheLastTrump's picture

Don't feed the anti President Trump troll.

fearnot's picture

The Anti Establishment ain't buying it and never will again . The "establishment survey" showed 227K in jobs. Appropriately named "establishment" because the corporate autocratic establishment lies to suit their own needs as they make the job market look good and stocks go up and they get rich. And their puppet master politicians get fat donations and "establishment" careers in the private sector vampire squid empire. 227K job is fake news but Easier than pie in the sky but both about as true. Maybe the investment community realizes the gig is up