Monetary Policy & Inflation | US
January 2023 NFP Review: One for the Hawks
- By Dominique Dwor-Frecaut
- 5 min read
Summary
- January’s very large NFP will likely get revised down, but that is unlikely to change the big picture of an overheated labour market.
- Continued low wage growth likely reflects a continued decrease in overtime work.
- Falling hours worked, overtime work, and reliance on temporary services work reflect the normalization of full- and part-time employment as employers gain confidence in the outlook.
Summary
- January’s very large NFP will likely get revised down, but that is unlikely to change the big picture of an overheated labour market.
- Continued low wage growth likely reflects a continued decrease in overtime work.
- Falling hours worked, overtime work, and reliance on temporary services work reflect the normalization of full- and part-time employment as employers gain confidence in the outlook.
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