The job market is still in overdrive.

I'm David Brancaccio.

Three hundred fifty three thousand more people were on payrolls in January.

At a time the betting was just a hundred eighty,000 more, so nearly twice predictions.

The unemployment rate steady at a low 3.7%.

Christopher Lowe is chief economist at FHN Financial.

Time to get out the party hats and gazoos, right?

Huge gain in January, and December in January,

both stronger than any month since January of last year.

But who's getting these jobs?

They're all over the place this month.

There were no minus signs in any of the major industries. The biggest gain in health care, that's been a constant, but decent growth elsewhere, including industries where we have seen job cuts in recent months like manufacturing and information technology.

Bond markets worried that this is inflationary and when you see the average hourly earnings going up six-tenths of a percent in January alone, is that inflationary?

Yeah, that one made me swallow hard when I saw it in the table, but no, I don't think so.

There's some weirdness going on. the a sign that there was weather that kept people away from their jobs for part of the sample period.

But the manufacturing work week was unchanged.

Manufacturing workers earn more, they're disproportionately over represented this month.

That explains the big rise.

It should drop in February.

Christopher Lowe, Chief Economist at FHN Financial, thank you.

Thank you, David.

The 10-year interest rate is up sharply, but still just under 4 percent.

...