On February 3, the Bureau of Labor Statistics released its latest monthly employment data, showing that January job creation came in double the level forecast by economists and Wall Street. A total of 517,000 positions were added, and the unemployment rate fell to a record low of 3.4%. (The US has only exceeded 517,000 job additions once, in May 2010.) And while “some economists are trying to candy-coat the terrible results, saying the job additions were inflated by wonky seasonal adjustments…at the end of the day the number is the number,” says Marcus & Millichap’s John Chang in a new research video.

Some fear that adding so many jobs so quickly could trigger the Fed to push interest rates up more aggressively after announcing a softer touch at their February 1 meeting. But Chang is taking the long view.

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Lynn Pollack



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