January Jobs Report: Live Blog

Update: A happy Friday it is. January payrolls rose 243,000, according to the government's unemployment report today, sending stock futures soaring. Economists were only looking for 150,000 new jobs. The unemployment rate fell from to 8.3% from 8.5% when economists were expecting the rate to sit tight.

"This is a game-changer," writes Ian Shepherdson, chief U.S. economist with High Frequency Economics.

The report had promising data points throughout: Private payrolls gained 257,000, also handily beating the forecast for 170,000. Job growth was fairly broad based. Revisions to prior months were positive. And the U-6 rate, which is a measure of unemployment that includes those who gave up looking for a job but still want jobs, fell to 15.1% from 15.2%.

No doubt, economists will be reassessing whether the Federal Reserve would still consider pumping more stimulus into the economy. Many market participants had expected a round three of quantitative easing later this year. Today's report is promising signal that the U.S. can shake off weaker growth abroad, including all negatives associated with Europe's debt crisis.

NEW YORK ( TheStreet) -- The most important economic report of the week will be released at 8:30 a.m. Friday. The government's employment reading for January is expected to show 150,000 total new jobs in the economy and 170,000 new jobs in the private sector, according to Thomson Reuters.

The estimate is rather low compared to December's gain of 200,000, not a surprise as the job market recovery has been a bumpy ride. Economists will be closely watching how seasonal factors played a role in January's report. Initial jobless claims have shown more volatility in recent weeks, so some economists are bracing for a possible negative surprise.

We'll be live blogging the figures above and digging into the payroll gains from specific sectors. Click here for what economists are expecting as well as a historical recap of how jobs have fared since the recession.

-- Written by Chao Deng in New York.

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