According to the BLS, nonfarm payrolls fell by "only" 651,000 last month. This was "not as horrific as many traders feared."
Meanwhile, back on earth,
The change in total nonfarm employment for December was revised from -577,000 to -681,000 and the change for January was revised from -598,000 to -655,000. Monthly revisions result from additional sample reports and the monthly recalculation of seasonal factors.Let's do the math. 651,000 + 161,000 = 812,000 (not counting next month's likely upward revision of this month's 651,000). Not as horrific as many traders feared?