Many have said that the math from the US Labor Department is fuzzy, and today will only show further conversations of that notion. Despite the negative recent news in weekly jobless claims, the unemployment rate came in 9.7%… Bloomberg and Dow Jones were at 10.1% for expectations. The change in non-Farm payrolls was -20,000 versus expectations of a flat number.
The figures were boosted by what is described as temporary hiring. The rate of the under-employed also fell to 16.5% from 17.3%. The losses were in construction, transportation and warehouse jobs, and the gains were in retail and temporary help services.
The average hourly earnings rose to $18.89 from $18.84 a month earlier, while the average workweek was up 0.1 hour to 33.3 hours in January.
The annual revisions, which take place each February of each year,show that job losses were almost 600,000 more than what had been previously reported in 2009.
A drop shows a continued ‘opting out of the workforce’ in the numbers…. something we’ll be reviewing further.
JON C. OGG
ALERT: Take This Retirement Quiz Now (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
