Friday, February 03, 2017

January Employment Report: 227,000 Jobs, 4.8% Unemployment Rate

by Bill McBride on 2/03/2017 08:32:00 AM

From the BLS:

Total nonfarm payroll employment increased by 227,000 in January, and the unemployment rate was little changed at 4.8 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in retail trade, construction, and financial activities.
...
The change in total nonfarm payroll employment for November was revised down from +204,000 to +164,000, and the change for December was revised up from +156,000 to +157,000. With these revisions, employment gains in November and December combined were 39,000 lower than previously reported.
...
In January, average hourly earnings for all employees on private nonfarm payrolls rose by 3 cents to $26.00, following a 6-cent increase in December. Over the year, average hourly earnings have risen by 2.5 percent.
...
[Annual Benchmark Revision] The total nonfarm employment level for March 2016 was revised downward by 60,000 (-81,000 on a not seasonally adjusted basis, or -0.1 percent). ... The effect of these revisions on the underlying trend in nonfarm payroll employment was minor.
emphasis added
This was above the consensus forecast.

Note: I'll post graphs soon - the data is being updated due to the annual benchmark revision.