January Nonfarm Payrolls Rose 36.000; Unemployment Rate At 9.0%
(For January 2011)
Nonfarm payrolls rose 36.000 in January. The consensus was at 146.000, December reading was an increase of 121.000 (revised +18.000). The unemployment was reported at 9.0% vs. prior reading of 9.4% and consensus of 9.5%.
Private payrolls were up 50.000 vs. 145.000 consensus and 139.000 reading in December (revised +26.000).
Again: Huge miss in both nonfarm payrolls and private payrolls. Unemployment rate fell on reduced participation in labor force (lowest since ’80s). All in all: weak report, especially having in mind rosy sunglasses sentiment.
Average weekly hours worked for private employees fell 0.1 at 34.2.
Nonfarm Payrols, U.S. Average Weekly Hours Worked, Unemployment Rate