(Bloomberg View) -- Although the headlines are likely to focus on the big "beat" of monthly employment creation (227,000 new jobs, compared with consensus expectations of 180,000), the January jobs report released Friday is much more complex and nuanced -- both in its messages and implications.

The three main messages:

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Mohamed A. El-Erian is a Bloomberg View columnist. He is the chief economic adviser at Allianz SE and chairman of the President’s Global Development Council, and he was chief executive and co-chief investment officer of Pimco. His books include “The Only Game in Town: Central Banks, Instability and Avoiding the Next Collapse.”

To contact the author of this story: Mohamed A. El-Erian at melerian@bloomberg.net.

To contact the editor responsible for this story: Max Berley at mberley@bloomberg.net.

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