美国1月非农新增就业13万人，创去年4月以来最大增幅，失业率降至4.3%，年度下修86.2万！

Core Viewpoint - The U.S. labor market shows resilience with January employment growth reaching a new high since December 2024, despite a surprising drop in the unemployment rate to 4.3%. However, significant downward revisions to previous employment data reveal a more substantial weakness in the labor market than previously understood [1][4]. Employment Growth and Revisions - In January, non-farm employment increased by 130,000, significantly exceeding market expectations of 65,000, marking the largest increase since April 2025 [1][7]. - The annual benchmark revision drastically lowered the total employment growth for 2025 from an initial report of 584,000 to 181,000, indicating a substantial correction in the understanding of last year's labor market performance [3][7]. - Monthly data revisions showed that the average monthly job growth last year was only 15,000, far below the initial estimate of 49,000 [7]. Sector Performance - The healthcare sector was the primary driver of employment growth in January, continuing to be a key engine for job expansion throughout 2025. Other sectors such as construction and professional services also saw job increases, while manufacturing recorded its first monthly growth of the year [8]. - Temporary help services continued to decline, with a reduction of 42,000 jobs in January, marking the fifth month of decline in the past six months [8]. Labor Market Stability - The January employment report indicates a gradual stabilization of the labor market after a year of cooling and low hiring activity. Despite expectations of overall weak job growth in 2026, clearer economic policy expectations and easing labor cost pressures may lead some employers to reconsider hiring plans [10]. - Job quality improved, with full-time positions increasing by 582,000 and part-time positions by 31,000. The unemployment rates for major demographic groups showed slight declines, with youth unemployment at 13.6% and adult male and female rates at 3.8% and 4.0%, respectively [11]. Market Reactions and Future Outlook - Following the data release, U.S. stock futures and Treasury yields rose, with traders reducing bets on a rate cut in June, now expecting the first cut to be delayed until July. The strong January data, despite the annual revisions, presents a complex picture for the Federal Reserve in assessing future rate cuts [6][12]. - The labor market's underlying fragility revealed by the revisions may provide the Federal Reserve with more room for policy adjustments [6].