Fears of recession seem exaggerated, according to January's "hot" jobs and manufacturing data

The unemployment rate increased from 3.9% to 4% as more workers sought employment. December's payroll was revised downward from 312,000 to 222,000, but from 176,000 to 176,000 in November.

"Who is calling for a recession this year again? Whoever it is, you can forget about it after a report about jobs of irreproachable quality to start the year well," wrote Chris Rupkey, chief economist at MUFG.

The closure of the government could have resulted in an increase of 500,000 in the number of people employed part-time for economic reasons, according to the Bureau of Labor Statistics.

Diane Swonk, chief economist at Grant Thornton, said government employees and contractors, who had not been paid during the 35-day shutdown, may have found a part-time job. temporarily increased the total number of non-farm workers.

The sharp increase in part-time employment likely includes contractors who worked for the government and other affected workers, in addition to government employees, she said. This could reverse and continue to blur employment data.

"They were doing more than Uber, they have increased payroll data," she said. "It's essentially about people looking for a job to pay for their expenses, it's more than government employees … The good news is that a lot of them got a job on time part. "

But employment growth continues to grow at a steady pace. "It's still probably around 200,000.It's still a good figure.The composition was good for manufacturing and construction.It's still good," she said. "These numbers show that the consumer is still there to support the day, for the moment … We will get a much better reading over the quarters."

"If you look at the December [jobs] The review and the numbers we've got continue to show a firm trend, "said John Briggs, Strategy Manager at NatWest. We have not seen fears of a recession affecting hiring in business. This is not as strong as last month when all the indicators, including the household survey, were solid. But this certainly repels recent concerns, at least on recruitment. "

Treasury yields rose and futures contracts rallied early after the jobs report showed strong employment growth in the recreation, construction, health care, transportation and consumer goods sectors. storage. The 2-year Treasury yield, which reflects the Fed's policy, reached 2.48% and rose to 2.51, the highest of the session after the ISM report.

"Net, net, it is quite ahead of the economy this year if we believe the report presented today on the super-jobs, and we think it," notes Rupkey. . "US companies have not hired at all to face the risks facing the global economy, mainly China and Europe, the closure of the federal government, the economic war with China Nothing opposes the integration of new employees to work the factory floors and store staff and shopping centers across America. "

WATCH: According to Michelle Meyer, the recession is likely to increase, but growth is more likely to slow down