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Net job growth of 225,000 in January, mild upward revisions to November and December, a nice jump in the labor force participation rate from 63.2% to 63.4%, the best rate since 6/13, making the unemployment rate rise from 3.5% to 3.6% a good thing, brands this a solid report. Wage growth remains subdued but ticked up slightly and unseasonably warm weather clearly boosted employment. The Fed holds rates steady.

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