This Jobs Report Is 'Largely the Real Deal,' Says Morgan Stanley's Gapen

• The January US jobs report is considered 'largely the real deal' by Michael Gapen, with robust private payrolls.
• Average hourly earnings at 0.4% suggest the creation of 'quality jobs' across sectors.
• The strong employment data aligns with other positive economic indicators like durable goods and manufacturing output.
• Treasury yields rose across the curve, and equity futures climbed to session highs following the strong jobs report.

Morgan Stanley's Chief US Economist, Michael Gapen, asserts that the latest US jobs report is 'largely the real deal,' highlighting strong private payrolls and average hourly earnings. He suggests this indicates quality job creation and a broadening economic expansion, despite some statistical adjustments. The market reacted positively with rising Treasury yields and equity futures.