The U.S. Department of Labor released the January Employment Situation report Friday morning. Employers across the United States fell behind in hiring in January from December’s revised numbers.
The long and short of the matter was that, while unemployment remained relatively static, the payrolls growth had a blowout in its December revisions. At some point one has to wonder if this could start to alter the Federal Reserve’s rate hike timeline in 2015.
Total nonfarm payrolls totaled 257,000, against a Bloomberg consensus estimate of 230,000. The previous reading for December had a big revision to 329,000 from 252,000 — an additional 77,000 jobs.
The unemployment rate was 5.7%, while the Bloomberg consensus estimate was 5.6%, but the number of unemployed persons was little changed at about 9 million. The largest job growth was seen in retail trade, construction, health care, financial activities and manufacturing. Investors and market observers should notice that the unemployment rate is just over the previous month’s 5.6%.
The reading for private sector payrolls came in at 267,000, above the consensus estimate of 229,000, and the previous reading was revised to 320,000 from 240,000 — another 80,000 higher. The average workweek remained flat at 34.6 hours.
ADP released its January private sector payrolls report on Wednesday with a reading of 213,000, which was short of estimates. Bloomberg was calling for a gain of 220,000 and the Wall Street Journal was calling for 240,000.
ALSO READ: States Where the Middle Class Is Dying
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
