Monetary Policy & Inflation | US
January 2023 NFP Review: One for the Hawks
- By Dominique Dwor-Frecaut
- Sign-up to discuss on Slack
- 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.
Subscribe to Macro Hive Professional to read this article
and enjoy exclusive professional features such as in-depth analysis, insightful op-eds, and more.
Already have Macro Hive Professional account? Log in