U.S. Gains 157K Jobs; Unemployment At 7.9%
The nation posted another month of steady employment gains in January, as businesses added 157,000 jobs while the unemployment rate was 7.9 percent as the number of jobless – 12.3 million people – changed little, the government said this morning.
Nearly all sectors of the economy gained jobs during the month, led by construction, retail, health care and wholesale trade. Only two sectors – government and transportation/warehousing – lost jobs.
The gains were below analysts' and market expectations, but stock markets reacted positively this morning in early trading. As of 11 a.m., the Dow Jones Industrial Average was up 138 points, or 0.99 percent, and nearing the 14,000 mark. The Nasdaq was up 24 points (0.78 percent), and the S&P 500 index had added 12 points (0.83 percent).
The employment numbers for the end of 2012, meanwhile, were adjusted upwardly, showing stronger gains than the government had originally reported. Some 41,000 extra jobs were added for December, bringing the gain for that month to 196,000. November's gain was more robust, with the addition of 247,000 jobs, up from an original estimate of 161,000.
The Massachusetts unemployment rate for December, the most recent statistic available, was 6.7 percent.
(Image credit: freedigitalphotos.net)
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