January NFP = +157,000; 7.9% Unemployment

The big jobs report this morning showed that the U.S. economy created 157,000 jobs last month and the unemployment rate ticked up to 7.9%. Both November and December’s jobs gains were revised higher.

The Labor Department today also issued its annual benchmark update, which aligned employment data spanning from April 2011 to March 2012 with corporate tax records. The revision showed payrolls grew by an additional 424,000 workers, on an unadjusted basis, in that period.

The economy has recovered 5.51 million of the 8.74 million jobs that were lost as a result of the last recession.

Additionally, the Labor Department incorporated new Census Bureau population estimates into the household survey it uses to calculate the jobless rate. The adjustment boosted the estimated size of the labor force by 136,000. It also updated how it adjusts payroll figures for seasonal swings, affecting data back to January 2008.

Private payrolls, which don’t include jobs at government agencies, rose 166,000 in January following a revised jump of 202,000 the previous month. Economists forecast they would grow 168,000 for a second month.


Posted by on February 1st, 2013 at 9:23 am

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