Here are 3 ways the labor market is showing concerning deterioration underneath strong headline numbers — meaning a recession and stock-market sell-off could sneak up on investors

• The job market showed continued strength in January, adding 353,000 jobs.
• But some labor market indicators still show deterioration.
• If a recession materializes, it would be a surprise to investors, who are largely pricing in a soft landing.

The labor market smashed expectations in January, adding 353,000 new jobs, far above economist forecasts of 187,000. The unemployment rate also stayed at a historically low 3.7%.