The jobs number and the economic state of the union.

I'm David Brancaccio. There is news this morning 275,000 more people were added to payrolls last month that is stronger than expected yet

the same time December's payroll number was revised down by 31% January

revised down by 17% that and more points to a job market coming off the boil.

Economists Christopher Lowe at F.H.N. Financial in New York.

The revisions were huge.

There were also other things you can point to in the report, like a separate survey of households, for example, that actually found job losses for a third consecutive month.

It's a smaller sample size. It's more volatile, so less

trustworthy, but if you ask people, the job market's not nearly as strong as if you

ask companies.

It's fascinating, but does that really alter the conventional wisdom that the Federal Reserve

will not start lowering rates in a couple of weeks, but we'll have to wait until later in the year.

The key honestly in the near term is next Tuesday's

CPI report. That's the last inflation news before the March FOMC.

But yeah, the market sees a report like this

with a lot of moving pieces and steps back

and says, we'll wait for more data.

Chris Lowe, Chief Economist, FHN Financial, thank you.

Thank you, David.

President Biden used his State of the Union speech last night to try to persuade Americans

that his economic policies are

improving their lives. Biden said he quote inherited an economy that was on the

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