The US economy generated 130,000 non-farm jobs in January, according to the Bureau of Labor Statistics, a figure well above economists' expectations, which averaged around 70,000. The unemployment rate edged down by 0.1 percentage point to 4.3% last month, whereas it had been expected to remain broadly stable at an average of 4.4%. The labor force participation rate came in at 62.5%, and average hourly earnings rose 3.7% year-on-year.

In addition, non-farm payroll gains for November and December 2025 were revised down, from 56,000 to 41,000 and from 50,000 to 48,000 respectively, for a net negative revision of 17,000 across the two months.

"As expected, the acceleration in job creation is largely the result of new hiring in the healthcare sector, which is less sensitive to economic cycles. The positive point, however, lies in the rebound in hiring in previously struggling sectors, notably construction. Overall, these data support the Fed's assessment that the labor market was stabilising, or at the very least not deteriorating," commented Christophe Boucher, chief investment officer at ABN Amro Investment Solutions, on the January US jobs figures.

He added that "the report is all the more surprising given that all the private-sector surveys published last week pointed to a stable environment characterised by an absence of layoffs but also of hiring."

"We do not think the new 'cruising speed' of the US economy is around +100,000 jobs per month; it would more likely be closer to +50,000, notably given the slowdown in labour force growth observed in recent months," he also said.