Jobs -- First Time In >Two Weeks That I Tuned Into CNBC This Morning -- To Catch The Jobs Report -- February 7, 2025

Locator: 48502JOBS.

They're still talking about that "second rate cut." It gets tedious.

Whatever the number is, by 10:00 a.m. the report will have been forgotten by the market.

The number:

• 143,000: gain in non-farm payrolls; below expectations of 169,000 but the figure will be revised one month from now.
  
• 256,000 --> 307,000: January revision; huge jump.

Unemployment rate falls to 4.0% -- exceeding every analyst's estimate. "Every" analyst said the

34.1 hours = work week. Has been at 34.3 "forever." Bit move.

U3: 4.0%! Huge.

Labor force participation increased.

Absolutely no reason to cut rates; unemployment numbers dropping. 

Wow! Link here. Wow, great statistic.

Steve Liesman:

• raises the issue of what role has immigration played in the US economy
• did unemployment rate drop now that illegal immigrants are dropping out of the work force
• did participation rate increase now that illegal immigrants are dropping out of the work force

Market slightly more negative after numbers came in, but not much. 

Everything else: blah, blah, blah. 

Essentially full employment. Holy mackerel -- U-1 at 1.5% -- how can it get any better?

• Unemployment: Table A-15: 
  

Participation rate, link here. This certainly suggests a robust US economy:

Is this the most important graphic? This number affects a lot of other data. Link here. Obamacare defines a full-time employee as one who works 30 hours / week or 120 hours / month.