Unemployment now stands at 7.6%, up from 7.2%

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cat233's picture
cat233
Status: Platinum Member (Offline)
Joined: Aug 20 2008
Posts: 575
Unemployment now stands at 7.6%, up from 7.2%

From Briefing.com

Nonfarm payrolls fell 598,000 in January. A loss of 540,000 jobs was expected.
Manufacturing payrolls fell 207,000, which is more than the drop of 145,000 that
was widely expected. December nonfarm payrolls were downwardly revised to
reflect a drop of 577,000. December manufacturing payrolls were downwardly
revised to reflect a loss of 162,000. Unemployment now stands at 7.6%, up from
7.2%. The consensus forecast pegged unemployment at 7.5% for January. Average
hourly earnings during January were up 0.3% month-over-month, and up 3.9%
year-over-year. Average hourly earnings were expected to increase 0.2%
month-over-month, and 3.6% year-over-year. The prior readings were both upwardly
revised to reflect an increase of 0.4% and 4.0%, respectively. Weekly work hours
averaged 33.3 during January. That was in-line with the consensus.

cat233's picture
cat233
Status: Platinum Member (Offline)
Joined: Aug 20 2008
Posts: 575
Continued Weakness in Job Market

More in-depth.

from Briefing.com

The BLS reported nonfarm payrolls declined -598,000 in January. The December
payrolls number was revised down to -577,000 (from -524,000), bringing the
cumulative job loss in the last three months alone to 1.77 million. The
unemployment rate jumped to 7.6% from 7.2%. Hourly earnings increased 0.3%. In a
weak portent for future output, the average workweek remained at 33.3 hours
while the manufacturing workweek dipped a tenth to 39.8 hours... Notably, the
number of discouraged workers (those who don't think they can find a job) rose
to 734,000 from 642,000 in the prior month while the number of involuntary
part-time workers held pretty steady at 7.8 million, but that is up 3.1 million
over the last 12 months... The hiring of temporary workers dipped 3.7% to 1.98
mln which, along with the average workweek, is an indication that there will be
continued weakness in full-time hiring... From an economic standpoint, the
January employment report is littered with discouraging news. Employment, of
course, is a lagging indicator, but with the continued job cut announcements
being heard in real-time from major companies, the labor market isn't providing
any silver lining when thinking of the economy's recovery potential in the
near-term.

joemanc's picture
joemanc
Status: Martenson Brigade Member (Offline)
Joined: Aug 16 2008
Posts: 834
Re: Unemployment now stands at 7.6%, up from 7.2%

Along the lines of Fuzzy Numbers...I've heard or read where Chris, Mish and I believe it was one of the guys on Financial Sense calculate that the true national unemployment rate is really around 17%. Seeing some of the states indivudual numbers, my state, CT is 7+, Rhode Island and California are 9, Michigan is around 10, does this mean the states are using Fuzzy Numbers to come up with their unemployment rates too? Sure sounds like it to me.

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