ABA Banking Journal
Total nonfarm payroll employment rose by 227,000 in January, up from December’s upwardly revised figure of 157,000, according to the Bureau of Labor Statistics. The national unemployment rate moved up slightly to 4.8% as more people entered the labor force. The majority of gains occurred in retail trade, construction, and financial activities.
Private-service providing industries added a net 192,000 jobs, led by gains in retail trade, which added 46,000 jobs during the month, and by financial activities, which added 32,000 jobs this month.
Goods-producing employment rose by 45,000 jobs during the month, as gains in construction led the way.
The civilian labor force participation rate was 62.9%, an increase from December. The number of long-term unemployed, those jobless for 27 weeks or more, was virtually unchanged at 1.9 million and accounted for 24.4% of the unemployed. The number of discouraged workers was 532,000, little changed from a year earlier.
Average hourly earnings increased by 3 cents to $26.00, after a 6-cent increase in December. Over the past year, average hourly earnings have risen by 2.5%.
Read the BLS release.
