mike mckee has all the details from washington. >> the federal market is still very strong with onlyinimal impact from the government shutdown. unemployment ticks up, 300-4000 jobs were created. that's not quite as good as it sounds because they initially reported 312,000, revised down to 222,000. the biggest monthly revision since 2014. earnings were up a tent on the month, 3.2%. that will get the fed's attention. drops every hour. 170 5000 federal workers reported being furloughed, enough to push the governor worker unemployment rate to two point x percent from 2.2%. worker rose by a lot. other categories, 13,000 manufacturing jobs, 900 and primary metals, 3000 in metal fabrication, 52,000 construction workers were hired and construction pay dropped during the month. 100. mining jobs fell by retail jobs rose by almost 21,000. the bottom line, january showed the u.s. economy is still chugging along, 100 consecutive months of job growth, a record. michael mckee, bloomberg, washington. manus: the white house is also hailing the strong january jobs report at the national economic direc

the headlinesdown is mike mckee, bloomberg's economic and national policy correspondent from our washington, d.c., bureau. did you hear anything off-track today? mike: jay powell was very much on message and doing his best not to move the markets at all. it appears he succeeded. in not moving the markets at all. he repeated the now standard fed prescription for the economy of patients, we watch the data as it comes in. the u.s. economy slowing but in a good spot. he did talk about some crosscurrents, including slowing global growth. the volatility we saw on the markets and trade wars, but as far as trade wars are concerned, he said it has only had a small ,ffect on the macroeconomy overall. so things look pretty good for the united states and fed. he said since inflation is low, there is no need to worry about raising rates now. we wojcicki been eye on things going forward. as far as far as nonmonetary policy questions, -- we will just keep an eye on things for now. as far as nonmonetary policy questions, he did comment on what should happen to raise growth in the long run. at monetarying p

let's get to the bloomberg first take with rachel evans and mike mckee. great to have you both here. happy friday. let's start off with an interesting chart, because we are seeing despite the jump back we saw in equities in january, we are seeing a different tone in february. but we have seen a lot of money flowing out of u.s. docs. -- u.s. stocks. the u.s. is the only major equity region that investors continue to exit. s seeing outflows through the week of february 6. we are seeing investors move out of u.s. stocks. a bit of a surprise, considering what we saw in january. rachel: we have an interesting dynamic going on, where stocks rallied through january but etf investors were not convinced. they were going into quality stocks domestically and looking to diversify internationally. you have an interesting vibe where it is risk off in some aspects, but then you have people going into emerging markets, which are a risk on play. they do have more potential for growth, a macro perspective been we do in the u.s. or europe. alix: and the dollar expectations

mckee. still with us, mike mccormick -- mark mccormick.hael: he's probably going to walk a middle line. out january -- powell came out january 4 with his hold rescue mission. the fed minutes suggested the fed is waiting on inflation. know,are two camps as you but there were two camps before. the people thinking they can push inflation and see how far it goes. powell probably funds that unts that-- p question. david: often, fed chairs have gone up there not wanting to make news. where been in a situation they were anticipating rises. now, they are projecting some cuts. does he need to move the ball a bit to get it back to neutral? michael: i don't think so. the markets have said the fed is on hold through march. many people think through june. the chart you are pointing to isn't going to move around a whole lot unless there is a significant turn down. here is laughing about how much is going on on capitol hill this week. if he doesn't force them to have to trade -- alix: you are calling the dollar based on all the other stuff that's happeni