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Economic Data Report: Jobs

Economic Data Report: Jobs

Strong Headline, Sobering Revisions

Written by Jonnathan Handshoe, Investment Analyst, on February 11, 2026
 
  • US economy added 130,000 jobs in January, well above consensus expectations
  • Unemployment rate modestly fell to 4.3% from 4.4%
  • Annual benchmark revisions slashed 898,000 jobs from 2025 totals
January’s jobs report delivered mixed signals. Payrolls rose 130k, beating consensus expectations and marking the strongest month since December 2024, while unemployment fell to 4.3%. However, annual benchmark revisions slashed 898k jobs from the 2025 totals and reduced net gains to just 181k (15k monthly average), making it the weakest non-recession year since 2009. Healthcare (+82k) accounted for 63% of January gains, with social assistance (+42k) and construction (+33k) also contributing. The “low-hire, low-fire” dynamic persists despite January’s improvement.

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Jonnathan Handshoe Investment Analyst

Jonnathan Handshoe is an investment analyst at United Community, where he leads due diligence and ongoing oversight of ETFs, mutual funds, and SMA managers. He regularly presents to the Asset Management Council and drives research initiatives that support portfolio construction and manager selection across the organization. Before joining United, Jonnathan was an equity research analyst at CFRA Research, covering more than 40 public companies across the oil & gas and passenger airlines sectors. He developed thesis-driven views supported by detailed financial modeling and published frequent research notes and thematic research reports. Previously, he served as a mortgage underwriter at CIVIC Financial Services, focusing on real estate investment loans. His earlier experience includes credit and operations roles at Lima One Capital and ScanSource, where he analyzed borrower portfolios and supported senior leadership in credit decisions. Prior to joining the financial and investment services industry, Jonnathan began his career in the United States Marine Corps, serving for a decade and deploying to Helmand Province, Afghanistan, where he led teams and supported mission-critical operations. He holds an M.S. in finance from the University of Notre Dame, an MBA from The College of William & Mary, and a B.S. in business administration with a concentration in economics and finance from the University of South Carolina Upstate.

Jonnathan Handshoe Headshot
  1. This information is for informational purposes only and does not constitute investment advice.
    Sources:
    GDP – Bureau of Economic Analysis
    Employment & Inflation – Bureau of Labor Statistics
    Interest Rates – Federal Reserve
    P/E S&P 500 – multpl.com


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