Friday, February 6, 2015

Economy Added 257,000 Jobs in January, Unemployment Rate 5.7%

Total nonfarm payroll employment rose by 257,000 in January. The unemployment rate edged up 0.1 percentage point to 5.7%, as more workers joined the labor market. Both the November and December readings were revised upward by 70,000 and 77,000 respectively, for a significant net gain of 147,000 more jobs. Monthly gains averaged 336,000 over the past three months.

Job gains occurred in retail trade (46,000 jobs), construction (39,000 jobs), health care (38,000 jobs), financial activities (26,000 jobs) and manufacturing (22,000 jobs).

The civilian labor force participation rate edged up by 0.2 percentage point to 62.9% in January, regaining the 0.2 percentage point loss in December.

Average hourly earnings increased by 12 cents, following a 5 cent decrease in December. Over the year, average hourly earnings have risen by 2.2%.

The number of long term-term unemployed, those jobless for 27 weeks or more, remained essentially flat at 2.8 million. This group, which accounts for 31.5% of the unemployed, declined by 828,000 in the past 12 months. The number of involuntary part-time workers, individuals employed part time for economic reasons, was little changed this month at 6.8 million.

Read the BLS release.

1 comment:

Kenneth Brett said...
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