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The Trump administration spent recent days warning markets to brace for a terrible January jobs report, which seemed plausible since the administration has deported a lot of the people who drove job creation over the past four years, and early private-sector employment data was grim.

Instead, the administration’s closely watched first jobs report of 2026 surprised very much to the upside, with a whopping 130,000 net jobs created in January. That’s better than in any month last year and almost double the consensus of economists. Stock markets rejoiced, and bond markets reveled—or they did briefly, before slipping back again into nearly neutral territory.

The Trump administration spent recent days warning markets to brace for a terrible January jobs report, which seemed plausible since the administration has deported a lot of the people who drove job creation over the past four years, and early private-sector employment data was grim.

Instead, the administration’s closely watched first jobs report of 2026 surprised very much to the upside, with a whopping 130,000 net jobs created in January. That’s better than in any month last year and almost double the consensus of economists. Stock markets rejoiced, and bond markets reveled—or they did briefly, before slipping back again into nearly neutral territory.

The preliminary January jobs numbers are so good, especially in light of the lackluster months that preceded them, as to raise eyebrows and questions.

The Bureau of Labor Statistics, which compiles the monthly employment reports, also noted as part of its regular revisions that job creation in the United States last year was not, as........

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