Unemployment Rate Drops to 6.6%

The Department of Labor released its January employment situation report (link opens in PDF) today, and results are disappointing.  After adding on a revised 75,000 jobs in December, total nonfarm payroll employment expanded by 113,000 in January, missing analyst estimates of 181,000.  Job gains have averaged just 154,000 the past three months, down from 201,000 in the preceding three. 

Despite the lackluster results, the unemployment rate shaved off another 0.1 percentage points to hit 6.6%, the lowest rate since October 2008. And while drops in labor force participation have been a key push behind dipping rates, January's report shows an expansion in the labor force, up 523,000 after falling 347,000 in December.

Source: Labor Department. 

In the private sector, construction added on 48,000 jobs for a solid recovery from December's 22,000  decline. Professional and business services hired 36,000 more workers, while manufacturing employment increased 21,000.

Federal government employment tapered off 12,000, with 9,000 jobs lost from the United States Postal Service.

For those with jobs, January's hourly earnings increased 0.2% month-over-month, in line with analyst expectations. Average hourly earnings for all employees on private nonfarm payrolls rose by $0.05 to $24.21 The average workweek stayed steady at 34.4 hours.

-- Material from The Associated Press was used in this report.

 

link


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2828929, ~/Articles/ArticleHandler.aspx, 11/23/2014 3:25:06 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement