US jobs beat lands, but the real shock is underneath

The January US jobs report surprised to the upside, adding 130,000 roles as unemployment dipped to 4.3% and wages stayed contained.

On the surface, it looks like a soft-landing win that keeps the Federal Reserve on a slow-cut path rather than forcing a rethink.

But massive downward revisions to 2025 hiring are forcing markets to question how strong last year really was - and whether this headline masks a labour market already losing momentum.