A stronger-than-expected January jobs report showed growth in nonfarm payrolls, rising wages, improved labor force participation, and a drop in both unemployment and underemployment, according to CNBC’s Rick Santelli.

“Non-Farm payrolls for January coming in twice. Expectations. Had 130,130k that would be the juiciest going back to April of last year, when it was 158 now, if we look at a couple of months worth of revision, they came in at minus 17,000,” Santelli said.

He highlighted gains in wages, noting that average hourly earnings rose month over month.

“Now let's look for average hourly earnings month over month up four tenths. That's 1/10 higher than both booking back and looking forward. Four tenths would equal October last year. You are all the way back to the summer of 24 to find a higher month over month earnings number,” he said.

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Year-over-year wage growth held steady. “Let's go year over year, 3.7 exactly as expected, 1/10 light to 3.8 in the rear view mirror. So how does that stack up? 3.7 would be the lightest since it was actually 3.6 Thanksgiving of last year,” Santelli said.

He also pointed to an increase in the average workweek.

“Now let's look at hours work. Shall we 34.3 that increase, that's a good thing. That's up a 10th from both the what we're expecting and our last look, 34.3 would equal November. To find a higher one, you're all the way back to March of 24,” he said.

Santelli emphasized the decline in the unemployment rate.

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“Now the unemployment rate may be the most important number of all, and it moves down 1/10 4.3% all the naysayers out there, they're going to like this set of data points. 4.3 will be equal to where we were in August of last year. To find a lower number. You're looking at June of last year,” he said.

Labor force participation also improved.

“Labor force participation moved up as well. More good news, 62.5 that would be the best since it was 62.6 in April of last year,” Santelli said.

He concluded with a drop in underemployment.

“And drum roll please, the final number I'm going to give you is you 60 under employment rate, and it comes in at 8% 8% last look was 8.48% would be the best going all the way back to July, when it was 7.9,” Santelli said.

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