Focusing on revisions is important. While we beat expectations for January, expectations were quite low. Revisions show total net job gain for last year was only 181,000 jobs - a number we used to see monthly. Average job gain prior to last year was 1.9 million annually.

What job growth exists is increasingly driven by healthcare sector specifically. Last year outside healthcare, there was actually a net reduction in jobs across the economy.

The bigger question is how the economy is performing for real people. GDP growth driven by building data centers for AI may not be driving jobs or wage increases - it might just be accounting for spending on computers.

It's a complicated question for the Fed because inflation remains elevated and the Fed is concerned about signaling they will bring it back down to 2% target.

The new nominee for Fed chair is being received as mostly a political appointment who will do what the president says. Other Fed governors will be concerned about maintaining neutrality and independence.

What we know from technology adoption history is that it's up to us as a society to decide whether AI provides more leisure and productivity gains leading to higher wages, or whether things get worse with cost-cutting and deskilling of jobs.

Americans might be expecting significantly larger tax refunds than they'll get because the vast majority of Republican tax bill flowed to wealthy and corporations.