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The U.S. unemployment rate in January unexpectedly fell to 9% in January. Economists had expected it to rise to 9.5% from 9.4% in December. But the U.S. added a mere 36,000 jobs in January; economists had expected 140,000. It appears that only 950,000 of the 8.6 million jobs lost during the recession have been recovered. The bad weather certainly had something to do with the meager jobs growth in January. Among the positive indicators: average hourly earnings rose 0.5% in January. Underemployment, which includes discouraged workers and those forced to work part-time although desiring full-time work, fell to 16.1% in January from 16.7% in December. But there was bad news: Total hours worked and the average workweek fell. Construction employment fell. The computer-generated net birth/death adjustment model, which is supposed to estimate the number of jobs created by new enterprises, fell 339,000.
The U.S. unemployment rate in January unexpectedly fell to 9% in January. Economists had expected it to rise to 9.5% from 9.4% in December. But the U.S. added a mere 36,000 jobs in January; economists had expected 140,000. It appears that only 950,000 of the 8.6 million jobs lost during the recession have been recovered. The bad weather certainly had something to do with the meager jobs growth in January. Among the positive indicators: average hourly earnings rose 0.5% in January. Underemployment, which includes discouraged workers and those forced to work part-time although desiring full-time work, fell to 16.1% in January from 16.7% in December. But there was bad news: Total hours worked and the average workweek fell. Construction employment fell. The computer-generated net birth/death adjustment model, which is supposed to estimate the number of jobs created by new enterprises, fell 339,000.