Photo: via Deck The Holidays
THE JANUARY JOBS REPORT WAS A MEGA BEAT.243K new jobs were created in January. That’s well above the expectations of just 140K new jobs.
And it’s even more impressive, since so many people expected it was going to be a miss.
The unemployment rate has fallen to 8.3 per cent from 8.5 per cent.
Past reports were revised UPWARD, which was crucial.
Just about every sub-number was great as well.
Hours worked is up to 34.5 per week.
Manufacturing grew jobs by 50K vs. expectations of just 13K.
The public sector only shedded 14K vs. expectations of a 20K decline.
The market is rallying. Dow futures are up over 120.
Again, what’s key is that people went into this thinking we might get a miss, so this is great to see by every measure.
The full announcement is here.
Here’s a key chunk. …
Total nonfarm payroll employment rose by 243,000 in January. Private-
sector employment grew by 257,000, with the largest employment gains
in professional and business services, leisure and hospitality, and
manufacturing. Government employment was little changed over the
month. (See table B-1.)
Professional and business services continued to add jobs in January
(+70,000). About half of the increase occurred in employment services
(+33,000). Job gains also occurred in accounting and bookkeeping
(+13,000) and in architectural and engineering services (+7,000).
Over the month, employment in leisure and hospitality increased by
44,000, primarily in food services and drinking places (+33,000).
Since a recent low in February 2010, food services has added 487,000
In January, health care employment continued to grow (+31,000). Within
the industry, hospitals and ambulatory care services each added 13,000
Wholesale trade employment increased by 14,000 over the month. Since a
recent employment low in May 2010, wholesale trade has added 144,000
Employment in retail trade continued to trend up in January. Job gains
in department stores (+19,000), health and personal care stores
(+7,000), and automobile dealers (+7,000) were partially offset by
losses in clothing and clothing accessory stores (-14,000). Since an
employment trough in December 2009, retail trade has added 390,000
In January, employment in information declined by 13,000, including a
loss of 8,000 jobs in the motion picture and sound recording industry.
In the goods-producing sector, manufacturing added 50,000 jobs. Nearly
all of the increase occurred in durable goods manufacturing, with job
growth in fabricated metal products (+11,000), machinery (+11,000),
and motor vehicles and parts (+8,000). Durable goods manufacturing has
added 418,000 jobs over the past 2 years.
Employment in construction increased by 21,000 in January, following a
gain of 31,000 in the previous month. Over the past 2 months,
nonresidential specialty trade contractors added 30,000 jobs.
Mining added 10,000 jobs in January, with most of the gain in support
activities for mining (+8,000). Since a recent low in October 2009,
mining employment has expanded by 172,000.
Government employment changed little in January. Over the past 12
months, the sector has lost 276,000 jobs, with declines in local
government; state government, excluding education; and the U.S. Postal
The average workweek for all employees on private nonfarm payrolls was
unchanged in January. The manufacturing workweek increased by 0.3 hour
to 40.9 hours, and factory overtime increased by 0.1 hour to 3.4
hours. The average workweek for production and nonsupervisory
employees on private nonfarm payrolls edged up by 0.1 hour to 33.8
hours. (See tables B-2 and B-7.)
In January, average hourly earnings for all employees on private
nonfarm payrolls rose by 4 cents, or 0.2 per cent, to $23.29. Over the
past 12 months, average hourly earnings have increased by 1.9 per cent.
In January, average hourly earnings of private-sector production and
nonsupervisory employees edged up by 2 cents, or 0.1 per cent, to
$19.62. (See tables B-3 and B-8.)
The change in total nonfarm payroll employment for November was
revised from +100,000 to +157,000, and the change for December was
revised from +200,000 to +203,000. Monthly revisions result from
additional sample reports and the monthly recalculation of seasonal
factors. The annual benchmark process also contributed to these