The unemployment rate fell by 0.4 percentage point to 9.0 percent in January, while nonfarm payroll employment changed little (+36,000), the U.S. Bureau of Labor Statistics reported today. Employment rose in manufacturing and in retail trade but was down in construction and in transportation and warehousing. Employment in most other major industries changed little over the month….
Manufacturing added 49,000 jobs in January. Over the month, job gains occurred in durable goods, including motor vehicles and parts (+20,000), fabricated metal products (+13,000), machinery (+10,000), and computer and electronic products (+5,000). Employment in nondurable goods manufacturing declined by 13,000 over the month.
The news stories for today’s release anticipated an increase in the unemployment rate, so at first glance, this is pretty good news.
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