U.S. Economy Adds 257,00 Jobs in January

jobsThe U.S. economy added 2570,000 non-farm payroll jobs in January, beating the forecast of 235,000 from briefing.com, while the unemployment rate was 5.7 percent and has shown no net change since October, the U.S. Labor Department reported today.

Job increases for November were revised from 353,000 to 423,000, and the change for December was revised from 252,000 to 329,000.

Combined net employment increases for November and December were 147,000 higher than first reported.

Monthly job gains averaged 336,000 over the past 3 months.

The labor force participation rate rose by 0.2 percentage point to 62.9 percent.

Average hourly earnings for all employees on private nonfarm payrolls increased by 12 cents to $24.75.

The average work week for all employees on private non-farm payrolls was unchanged at 34.6 in January.

For January the job increases were led by stronger gains in the retail sector which added 46,000, the construction industry with 39,000, and health care employment increased by 38,000.

Last month, the Labor Department reported that in December 2014 the U.S. economy added non-farm payroll 252,00o jobs.

On Wednesday private payroll processor ADP showed that U.S. businesses added 213,000 jobs in January, missing the briefing.com forecast of 250,000.

2014 was America’s best year for job growth since 1999.

Brent crude is up over $2.00 today and is poised to hold its second weekly increase largely based on increased fighting in oil export nation Libya along with signs of better stronger global economic data.

-Johnathan Schweitzer

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