US creates 151,000 jobs in January
Print Edition
ABOUT 151,000 jobs were created in the United States in January, a deceleration from recent months as firms shed education, transport and temporary workers, but hired others in manufacturing, retail and food services.
The unemployment rate fell to 4.9 percent, its lowest level since early 2008.
A report published yesterday by the Labor Department showed that employers are still hiring steadily, but at a slower pace. The January figures follow seasonally adjusted job growth of 262,000 in December and 280,000 in November.
The broader hiring slowdown reflects an increasingly muddled picture for the US economy. Global financial pressures and a volatile stock market have curtailed growth, but January’s jobs report appears to have further clouded the economic outlook as it showed that consumers are faring better despite steep declines in several industries.
Consumers appear to be resilient, even as sectors of the economy seemingly insulated from the slowdown in China, downturn in Brazil and fragility in Europe slipped.
The number of people working or searching for jobs rose last month, while the number of unemployed fell to 7.8 million from 7.9 million.
Average wages jumped 2.5 percent over the past year to US$25.39 an hour, evidence that the past years of job growth are helping to generate pay raises.
With low gas prices leaving more money in people’s wallets and borrowing costs low, economists expect Americans to spend at a decent pace this year to bolster economic growth.
Manufacturers hired 29,000 workers last month and the health care sector added 44,000 jobs, but other sectors of the economy hit a speed bump.
A total of 38,500 jobs were lost in education services, while the transportation and warehousing sector downsized by 20,300, and the US Postal Service parted company with 6,000 of its employees. The number of temporary workers fell by 25,200 in January.
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