Nonfarm payrolls fell by 20,000 in January, but that was a disappointment since the consensus had called for the addition of 15,000 jobs during the month. The change in payrolls for December was revised downward to reflect a loss of 150,000 jobs. Despite the negative numbers, the official unemployment rate now stands at 9.7%, which is better than the consensus call for an unemployment rate of 10.0% and down month-over-month from 10.0%. Average hourly earnings for all employees increased 0.2% month-over-month, while average weekly hours of work for all employees totaled 33.9 hours. Average hourly earnings for production increased 0.3% month-over-month and average weekly hours of production increased to 33.3 from 33.2.
Gregory Menges is a founder of Boston Independent Advisors. Greg is a seasoned financial advisor with more than 15 years experience serving individuals, families, business owners, and company sponsored retirement plans. All securities offered through Investors Capital Corp., Member FINRA/SIPC -- Advisory Services offered through Investors Capital Advisory.
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