US jobs data was not that strong [Video]

Ipek Ozkardeskaya Swissquote Bank Ltd

The US jobs report for January shocked markets with 130K new nonfarm jobs, a tick lower unemployment rate, and wages steady at 3.7%. On the surface, it looks strong — but the reality is more nuanced. Most gains came from healthcare, social assistance, and construction, while sectors like federal government and financials lost jobs. Some analysts warn that BLS seasonal adjustments may overstate true growth, which could be closer to 40–50K.

Markets reacted hawkishly — yields and the dollar jumped, equity futures dipped, and AI fears drove further volatility in tech and real estate stocks. But the verdict is not clear: all eyes now turn to Friday’s CPI release, which could shift expectations on Fed rate cuts and influence the next leg of the US stock rally.

Author

Ipek Ozkardeskaya

Swissquote Bank Ltd

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

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