US January non-farm payrolls +151K vs +160K expected

• Two-month net revision: -2K versus +100K prior
• Unemployment rate: +4.1% versus 4.0% expected
• Unrounded unemployment rate: % versus 4.0113% prior
• Prior unemployment rate: 4.0%
• Participation rate: 62.4% versus 62.6% prior
• U6 underemployment rate: 8.0% versus 7.5% prior
• Average hourly earnings (m/m): +0.3% versus +0.3% expected
• Prior avg hourly earnings: +0.5%
• Average hourly earnings (y/y): +4.0% versus +4.1% expected and +4.1% prior (prior revised to +3.9%)
• Average weekly hours: 34.1 versus 34.2 expected and 34.1 prior
• Change in private payrolls: +140K versus +142K expected and +111K prior
• Change in manufacturing payrolls: +10K versus +5K expected and +3K prior
• Government jobs: +11K versus +32K prior
• Full-time jobs: K versus +234K prior

The earnings number was expected to come down on the reversal of one-time things like storms and California fires and that unfolded. The unemployment rate side is a bit of a concern as it ticked back higher despite a 0.2 percentage point decline in the participation rate.