US January unemployment rate unexpectedly fell to 9.7% (cons. 10.0%, prev. 10.0%). However, non-farm payrolls declined by -20k in January (cons. +15k) and the December figure was substantially revised down to -150k from the earlier estimate of -85k. Average weekly hours worked, a reliable leading indicator for job creation, ticked higher to 33.3 (cons. 33.2, prev. 33.2).
No major US economic data will be released today. The highlight of the week will come on Wednesday when Fed Chairman Bernanke appears before the House Financial Services Committee to discuss how the Fed's emergency programs are to be withdrawn, and what the consequences for economic recovery might be.
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