American workers just had their best three months in 17 years

On Friday, the January jobs report showed that in the first month of 2015, payrolls grew by 257,000, topping expectations.

Job gains for November and December were also revised higher, with November's job gains rising to 423,000 and December's gains moving to 329,000.

With these upward revisions, US job gains over the last three months now mark the best three-month period in 17 years, according to Bloomberg News.

David Wessel of the Brooking Institution noted that November's revision showed the biggest single month of job gains since November 1997.

Wage growth also blew away expectations, with average hourly wages growing by 0.5% in January compared to the prior month. Compared to the prior year, wages grew 2.2%.

In a note to clients following the report, Paul Ashworth at Capital Economics wrote that the US labor market is "on fire." Ashworth wrote, "We keep trying to tell everyone that the US economy is enjoying a period of unusual strength, maybe now people will believe us."

Ian Shepherdson added that with the wage growth seen in the January report, as well as over the last three months, this report "will have consequences for the Fed."

Just a huge day for the economy.