On January 9, 2015 (Friday), jobs report came out and it was little stronger than expected. 252,000 jobs were added in December 2014. The unemployment rate or jobless rate fell to 5.6% from 5.7%, the lowest since June 2008. I believe jobs rate for January 2015 will fall under 210,000, since many people are or were employed for holiday season only.
The most disappointing news of Non-Farm Payrolls was its earnings report. In December, average hourly earnings for all employees on private non farm payrolls decreased by 5 cents to $24.57. I believe this is only temporary. If it continues to drop, consumers of the business will be making less purchases. Therefore, business’s earnings will be weak too. When non farm payrolls come out for January, the earnings will rise back.
If Europe goes into crisis or recession (higher chance because decreasing inflation > deflation), it will have impact on the US in a negative way.