Thread by @TheStalwart

BREAKING:

Jobs report crushes expectations.

678,000 new jobs. WAY ahead of expectations. Unemployment rate falls to 4.8% from 4.0%. Labor Force Participation rises again to 62.3%

bloomberg.com/news/articles/…

One area that was a miss was average hourly earnings, which grew 5.1% vs. expectations of 5.8%. It's still a robust number. From an inflation perspective, doves may take some solace in it being slightly cooler than expected. Less indication of an upward spiral in wages.

Very clear here how the pandemic easing is helping the labor market improve.

Fewer and fewer people being prevented from working due to pandemic-related factors.

Oh, first tweet, should say 3.8% instead of 4.8%.

Here's the key chart. The US labor market recovery continues to be extremely rapid from a historical perspective, with a return to normal much faster than many shallower downturns.

https://twitter.com/calculatedrisk/status/1499742652727660544

From Southbay Research:

"A back-to-the-office trend is clearly in place as well: Laundry and Dry Cleaning payrolls jumped +9K"

We're still down about 136,000 jobs in laundry services

Overall, very strong report. Great headline gains. Strong breadth across industries. Evidence that the fading of Omicron is helping too ease labor supply. Of course it feels like old news, but encouraging to see that the labor market did have this much momentum.