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US nonfarm payrolls increased by a lower-than-expected 151k probably due to the unusually mild winter weather, while the respective figure for December was revised downwards from 292k to 262k. With the US economy approaching full employment, some payback in employment gains seems inevitable. Even after taking the weaker-than-expected January figure into account, non-farm payrolls have increased by a hefty 215k on average over the last six months.