far higher than the 187,000 market estimate.

The employment picture started off 2023 on a stunningly strong note, with nonfarm payrolls posting their biggest gain since July 2022.

Nonfarm payrolls increased by 517,000 for January, above the Dow Jones estimate of 187,000 and December’s gain of 260,000, according to a Labor Department report Friday.

The Conference Board said its consumer confidence index slipped to 107.1 this month from 109.0 in December. Economists polled by Reuters had forecast the index at 109.0. The survey places more emphasis on the labor market, which remains tight.

The numbers: Private payrolls rose by 106,000 in January, according to the payroll services firm ADP on Wednesday.  That is a significant drop from the revised 253,000 jobs added in December.

Economists polled by The Wall Street Journal had forecast a gain of 190,000 private sector jobs.