How much did November and December job gains get revised?

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November and December Job Gains Revised Upwards by 709,000

The US economy added significantly more jobs in November and December than previously reported, with a revision of 709,000 positions. This upward adjustment in job creation, revealed in the Labour Department's employment report, underscores the underlying strength of the economy even amidst disruptions from rising Covid-19 cases. The report also indicated accelerated wage gains and an expansion of the labour pool in January, painting an optimistic picture for continued economic growth as the Federal Reserve prepares to increase interest rates.
Upward Revision to Previous Months' Job Growth

The Labour Department's latest employment figures revealed a substantial upward revision to job gains for November and December, amounting to an additional 709,000 positions. This revision suggests a more robust job market performance in the latter part of the previous year than initially estimated. The establishment survey, which forms the basis for nonfarm payrolls, indicated an increase of 467,000 jobs in January alone, far exceeding economists' forecasts of 150,000.
January Employment Figures Exceed Expectations

In January, nonfarm payrolls saw an increase of 467,000 jobs, a figure that significantly surpassed the 150,000 jobs economists had predicted. This stronger-than-anticipated job creation occurred despite a surge in Covid-19 cases, which had been expected to impact consumer-facing businesses. The resilience demonstrated in the January report suggests that underlying economic strength is supporting employment levels.
Labour Pool Expansion and Wage Growth

Beyond the headline job numbers, the January report also highlighted positive developments in the labour market's broader indicators. The labour pool expanded, and wage gains accelerated, with average hourly earnings surging by 0.7 per cent. This brought the annual increase in wages to 5.7 per cent, marking the largest gain since May 2020. These factors contribute to the overall picture of a strengthening economy.

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How much did November and December job gains get revised?

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