The BLS Jobs Report is a revisionist’s dream. January job estimates were originally 170,000, but the actual number came in at 143,000. However, revisions for November and December added 100,000 jobs, shifting the narrative.

Average hourly earnings rose 0.5% in January, triggering a strong reaction from the bond market— and not in a good way. Higher earnings mean more money to spend, which fuels inflation concerns.

But looking deeper, there’s a key detail being overlooked: average weekly hours worked declined from 34.3 to 34.1 in January.

What’s frustrating is that the headlines paint one picture, while the real story lies in the details— details the media and bond markets seem eager to ignore.

Rates have improved over the past few weeks and we think this BLS Blip is just a Blip and the bond market will adjust.

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