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January Jobs Up 157,000; Revisions Push 2012 Job Growth Over 2 Million
Posted By John Zappe On February 1, 2013 @ 9:35 am In News and Features | No Comments
No real surprises in this morning’s jobs report from the Labor Departmen t. The U.S. economy added 157,000 jobs in January, most, as usual, in the services sector. Unemployment, meanwhile, crept up to 7.9% from 7.8%.
Economists were mostly expecting the numbers. Most estimates earlier in the week averaged out between about 160,000 and 165,000 new jobs. They had predicted December’s 7.8% unemployment rate would be unchanged. A Forbes survey  suggested the rate might decrease to 7.7%.
In terms of actual numbers, 12.3 million Americans remain out of work, with 4.7 million of them unemployed for more than six months. Another 8 million are working at part-time jobs because they can’t find full time employment.
The January jobs gain is the smallest since September’s 138,000, but the report did up the jobs numbers for both December and November by a combined 127,000.
The only real surprise came from the annual revision to the monthly numbers. The government report says the economy added 335,000 more jobs in 2012 than the 1.835 million was initially reported by the U.S. Bureau of Labor Statistics. Adjustments to the previous year’s data are released annually.
“The U.S. labor market has been very resilient in recent months,” Harm Bandholz, chief U.S. economist at UniCredit Group in New York, told Bloomberg News . “The big story is all the upward revisions to the previous months, which gives the report a real positive spin. All these concerns that the fiscal uncertainty deterred businesses from hiring, they certainly haven’t materialized.”
Overall, however, the report did nothing to change the nation’s employment picture:
The workweek stayed the same at 34.4 hours, though the manufacturing workweek declined by .1 hour to 40.6, a sign of decreasing demand.
“With a gain of 157,000 jobs in January, the employment situation continues to improve despite slow economic growth,” said Kathy Bostjancic , director of macroeconomic analysis at The Conference Board.
The Society for Human Resource Management says in February that manufacturing hiring will reach a four-year high, while hiring in the services sector will also increase over last year. SHRM’s LINE report says,  “A net of 47.2% of manufacturers and a net of 33.1% of service-sector companies will add jobs in February.”
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URL to article: http://www.ere.net/2013/02/01/january-jobs-up-157000-revisions-push-2012-job-growth-over-2-million/
URLs in this post:
 Image: http://www.ere.net/wp-content/uploads/2013/02/Econ-indices-1.2013.jpg
 this morning’s jobs report from the Labor Departmen: http://bls.gov/news.release/empsit.nr0.htm
 A Forbes survey: http://www.forbes.com/sites/abrambrown/2013/02/01/u-s-added-157000-jobs-in-january-unemployment-rises-to-7-9/
 Harm Bandholz, chief U.S. economist at UniCredit Group in New York, told Bloomberg News: http://www.bloomberg.com/news/2013-02-01/payrolls-in-u-s-rose-in-january-after-jumping-at-end-of-2012.html
 said Kathy Bostjancic: http://www.latimes.com/business/money/la-fi-mo-january-unemployment-jobs-20130201,0,5056680.story
 SHRM’s LINE report says,: http://www.shrm.org/Research/MonthlyEmploymentIndices/line/Documents/LINE%20February%202013.pdf
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