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US economy added 113,000 jobs in January US adds 113,000 jobs in January
(35 minutes later)
The US economy added 113,000 jobs in January, weaker than expected for a second consecutive month. The US economy added 113,000 jobs in January, the second month in a row the figure has been weaker than expected.
The unemployment rate fell to 6.6%, the lowest since October 2008. Economists had predicted an increase of about 180,000 new jobs last month.
December's surprisingly weak figure was revised up only modestly to 75,000, from 74,000. However, the unemployment rate fell to 6.6%, the lowest level since October 2008, as more people re-entered the labour force and got jobs.
Earlier this week an unexpectedly weak manufacturing report raised concerns about the strength of the US economy and sent the Dow Jones tumbling by 326 points. The jobless figures will raise concern that, after strong growth in the second half of 2013, the US economic recovery is beginning to lose its steam.
The unemployment rate is calculated from a different survey to the jobs figure - known as non-farm payrolls. The rate is based on a survey of households, while the jobs figure is based on a survey of companies.
December's surprisingly weak payrolls figure was revised up only modestly to 75,000, from 74,000.
The construction industry, most vulnerable to the impact of bad weather, added 48,000 jobs in January indicating that while the weather may been responsible for December's weak figures, it does not appear to have been a factor in January.
There were declines in hiring in retail, utilities, government, and education and health employment.
Analysts were not too despondent about the numbers.
"We think the employment market is improving, but will do so in fits and starts," said David Carter from Lenox Wealth Advisors immediately after the numbers were released.
"Today, the ugly headline number will negatively impact markets, but there are enough positive indications that ultimately the market will move higher over time."
Earlier this week, an unexpectedly weak manufacturing report raised concerns about the strength of the US economy and sent the Dow Jones tumbling by 326 points.