The Labor Department reported nonfarm payrolls rose by just 36,000 in January while the unemployment rate fell from 9.4 percent to 9.0 percent, the lowest level since April of 2009.
Though hiring in the manufacturing sector was quite strong, the nonfarm payrolls gain was disappointing, well below the consensus estimate of 140,000.
The drop in the jobless rate was a pleasant surprise was also disappointing as it was due largely to more workers finding jobs leaving the rather than a shrinking labor force. The broader U-6 measure of unemployment, including those who have stopped looking for work and those settling for part-time work, fell from 16.7 percent to 16.1 percent.
The drop in the jobless rate was a pleasant surprise was also disappointing as it was due largely to more workers finding jobs leaving the rather than a shrinking labor force. The broader U-6 measure of unemployment, including those who have stopped looking for work and those settling for part-time work, fell from 16.7 percent to 16.1 percent.
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