The January jobs report is out.
113,000 workers were hired to nonfarm payrolls in January, below the consensus Wall Street estimate of 180,000.
The unemployment rate unexpectedly fell to 6.6% from December's 6.7% reading, and the labor force participation rate rose to 63.0% from 62.8%.
In the wake of the release, S&P 500 futures have plummeted into the red and Treasuries are surging, sending yields lower. The dollar is also down sharply against the euro and the yen.
Private-sector firms hired 142,000 workers, implying a 29,000 reduction in government employee headcount.
December nonfarm payroll growth was revised up to 75,000 from 74,000.
Average hourly earnings growth was 0.2% from the previous month in January, as expected, but December's previously-reported 0.2% advance was revised down to 0.0%. On a year-over-year basis, however, average hourly earnings were up 1.9%, slightly above the 1.8% consensus estimate.
"The jobs data will be the tone-setting event for the next several weeks with perhaps Yellen the only meaningful nuance to shift expectations that arise on Friday morning," said Ian Lyngen, a senior government bond strategist at CRT Capital, prior to the release.
The table below shows the distribution of job gains in January on an industry level.
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