US jobs data, released today, showed that non-farm payrolls increased by 225,000 in January which is well above analysts` expectations of 165,000, and higher than December`s upwardly revised figure of 147,000. Meanwhile, the unemployment rate rose slightly from 3.5 per cent to 3.6 per cent, while wages increased 3.1 per cent which also beat analysts` forecasts. Although the data painted an overall positive picture for the strength of the labour market, the market reaction was fairly muted following the news, with government debt actually continuing to strengthen, suggesting a general risk-off mood in markets.