As Expected, January Jobs Numbers Show Slowing Growth; Unexpected Was The Increase In The Unemployment Rate To 7.9%

Friday, February 01, 2013 09:07
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As Expected, January Jobs Numbers Show Slowing Growth; Unexpected Was The Increase In The Unemployment Rate To 7.9%

Tags: economic indicators | Economic Outlook | economy

The month of January saw 157,000 new jobs created, signaling slow growth at the beginning of the year.
 
The unemployment rate ticked up from 7.8% to 7.9%. Estimates were for 166,000 new jobs and for the unemployment rate to hold steady.

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The average number of jobs added monthly during 2012 was 181,000. This is an upward revision from the previously reported average of 153,000.
 
The Labor Department makes an annual benchmark revision that incorporates newly available tax records.
 
Although the housing industry is rebounding and business investment remains steady, government cutbacks in defense spending and consumer outlook is already adversely affecting the recovery.
 
The government cut 9000 jobs with local governments cutting jobs primarily in education.
 
Average hourly earnings rose by four cents to $23.78 and the average workweek of 34.4 hours
was unchanged.
 

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