The US economy added 467,000 jobs last month, which was far better than expected performance for the labour market amid the surge in coronavirus cases due to the Omicron variant. The surprise jump in the payrolls defied predictions by economists surveyed by Bloomberg, who projected gains of 150,000 jobs. In addition to the jump in payrolls in January, there were also large upward revisions to data from previous months, while wage growth also rose more than expected. The unemployment rate ticked up to 4 per cent despite the strong gains, from 3.9 per cent previously. US government bonds sold off after Friday's jobs report, amid fears that inflation could continue to accelerate. The two-year Treasury note yield, which is sensitive to monetary policy expectations, jumped 0.09 percentage points to 1.28 per cent, the highest level since early 2020. It will fuel expectations that the Federal Reserve will move more aggressively than planned to tighten monetary policy to stamp out inflation.
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Bank of England raises interest rates again
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UK GDP rises faster than any time since World War 2
UK GDP rises faster than any time since World War 2