Global| Feb 05 2016U.S. Payrolls Increase Moderately; Unemployment Rate Declines; Earnings Strengthen
by:Tom Moeller
|in:Economy in Brief
Summary
Nonfarm payrolls increased 151,000 during January following increases of 262,000 during December and 280,000 in November. These revisions subtracted a net 2,000 jobs. Expectations had been for a 198,000 rise in the Action Economic [...]
Nonfarm payrolls increased 151,000 during January following increases of 262,000 during December and 280,000 in November. These revisions subtracted a net 2,000 jobs. Expectations had been for a 198,000 rise in the Action Economic Forecast Survey. The unemployment rate declined to 4.9%, its lowest level since February 2008. Expectations had been for stability at 5.0%. The overall unemployment rate including marginally-attached workers and those employed part-time for economic reasons held steady at 9.9%. Average hourly earnings jumped 0.5%, exceeding forecasts for a 0.3% rise.
The labor market data is contained Haver's USECON database. Detailed figures are in the EMPL and LABOR databases. The expectations figure is in the AS1REPNA database.
Changes in Labor Participation and Household Income from the Federal Reserve Bank of San Francisco is available here.
| Employment: (SA, M/M Change, 000s) | Jan | Dec | Nov | Jan Y/Y | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| Payroll Employment | 151 | 262 | 280 | 1.9% | 2.1% | 1.9% | 1.6% |
| Previous | -- | 292 | 252 | -- | -- | -- | -- |
| Manufacturing | 29 | 13 | 3 | 0.4 | 1.1 | 1.4 | 0.8 |
| Construction | 18 | 48 | 65 | 4.5 | 4.8 | 5.0 | 3.7 |
| Private Service-Producing | 118 | 197 | 226 | 2.4 | 2.5 | 2.1 | 2.1 |
| Government | -7 | 11 | 1 | 0.3 | 0.5 | 0.0 | -0.3 |
| Average Weekly Hours - Private Sector | 34.6 | 34.5 | 34.5 | 34.6 (Jan.'15) |
34.5 | 34.5 | 34.5 |
| Private Sector Average Hourly Earnings (%) | 0.5 | 0.0 | 0.2 | 2.5 | 2.3 | 2.1 | 2.1 |
| Unemployment Rate (%) | 4.9 | 5.0 | 5.0 | 5.7 (Jan.'15) |
5.3 | 6.2 | 7.4 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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