Jobs

Somehow, Some Way, Unemployment 9.7%

Many have said that the math from the US Labor Department is fuzzy, and today will only show further conversations of that notion.  Despite the negative recent news in weekly jobless claims, the unemployment rate came in 9.7%… Bloomberg and Dow Jones were at 10.1% for expectations.  The change in non-Farm payrolls was -20,000 versus expectations of a flat number.

The figures were boosted by what is described as temporary hiring.  The rate of the under-employed also fell to 16.5% from 17.3%.  The losses were in construction, transportation and warehouse jobs, and the gains were in retail and temporary help services.

The average hourly earnings rose to $18.89 from $18.84 a month earlier, while the average workweek was up 0.1 hour to 33.3 hours in January.

The annual revisions, which take place each February of each year,show that job losses were almost 600,000 more than what had been previously reported in 2009.

A drop shows a continued ‘opting out of the workforce’ in the numbers…. something we’ll be reviewing further.

JON C. OGG

Want to Retire Early? Start Here (Sponsor)

Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?

Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.

Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.