(CNBC) After January’s surprisingly strong jobs report, focus swings to consumer inflation in the week ahead and what it could mean for the Federal Reserve’s plan to raise interest rates. Friday’s report of 467,000 jobs added in January confounded Wall Street economists, some of whom expected a negative number due to the impact of the omicron Covid variant on the workforce. The report was also stunning in other ways. Payrolls were also revised higher by 709,000 jobs in November and December, and wages grew at a hot 5.7% year-over-year pace in January.

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