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january jobs report
The unemployment rate, reported by the White House, reached 4.9 percent in January for the first time since February 2008.
158,000 jobs were added in January. Wages rose 2.5 percent over the past year.
The rise of 151,000 jobs in January is somewhat below pace of recent months. The unemployment rate reached 4.9 percent for the first time since February 2008, as the labor force participation rate edged up to 62.7 percent, the same level as in March 2015.
From Jason Furman, Chairman of the Council of Economic Advisers
The big sequential bounce in wages was driven entirely by the January minimum wage increase. According to zerohedge.com, 70% of the job gains in January went to minimum wage workers.
jobless claims
There apparently is a slowdown in the labor market with unemployment claims going up last week. The Labor Department reported today that increased 8,000 to a seasonally adjusted 285,000 for the week ended Jan. 30.
Below 300,000
Claims remained below 300,000 for the 48th straight week. That is the longest run since the early 1970s. Economic growth slowed to a 0.7 percent annual pace in the fourth quarter. January’s employment report is scheduled to be released on Friday, February 5. The unemployment rate is forecast holding steady at a 7-1/2-year low of 5 percent.
stocks, jobs, and houses
Big economic news hit the market today that gave stocks a lift after opening lower. The news was generally termed “weak” for markets, but the U.S. economy is still growing amid talk of recession. The growth is in the service sector but it’s slowing.
Dow finished the day at 16,336, +183, (+1.1%)
Manufacturing is not good as that sector remains weak.
Overall the news is cause for concern.
Markit’s services purchasing manager’s index (PMI) missed forecasts, at 53.2, the lowest level in 27 months (expected at 53.7 by economists).
The Institute of Supply Management’s non-manufacturing composite index came in at 53.5 (55.1 estimated), the lowest since March 2014, and showed that the services sector grew at a slower rate.
Both indexes were above 50, the border between expansion and contraction.
Wednesday’s report from Markit showed that new work increased at a slower pace in January, though employment grew. ADP showed that 205,000 jobs were added in the private sector in January.
Home prices are edging higher. The national median home price increased 7.6% over the past 12 months to December 2015.
businessinsider.com and forbes.com were the sources for this article.