NFP +36,000, Huge Miss To +146,000 Expectations, 9% Unemployment, Not Seasonally Adjusted U-6 Surges From 16.6% to 17.3%
- Change in Private Payrolls (Jan) M/M 50K vs. Exp. 145K (Prev. 113K)
- Change in Manufacturing Payrolls (Jan) M/M 49K vs. Exp. 10K (Prev. 10K)
- Seasonally adjusted U-6 underemployment 16.1% from 16.6% previously
- Much more importantly, Not-seasonally adjusted U-6 surged from 16.6% to 17.3%!
- The civilian labor force declined from 153,690
- Government workers: from 20,759K to 20,740K
- Labor force participation at 64.2%, the lowest since March March 1984
- Part-time workers for economic reasons: 8,407
- Part-time workers for non-economic reasons: 17,552
- Birth/Death adjustment: -339,000
We are now all awaiting Snow Lavorgna to appear and explain how January snow is to blame for genital herpes, among every other bad thing in the world.
From the report:
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.
The unemployment rate (9.0 percent) declined by 0.4 percentage point for the second month in a row. (See table A-1.) The number of unemployed persons decreased by about 600,000 in January to 13.9 million, while the labor force was unchanged. (Based on data adjusted for updated population controls. See table C.)
Among the major worker groups, the unemployment rates for adult men (8.8 percent), whites (8.0 percent), and Hispanics (11.9 percent) declined in January. The unemployment rates for adult women (7.9 percent), teenagers (25.7 percent), and blacks (15.7 percent) were little changed. The jobless rate for Asians was 6.9 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.)
The number of job losers and persons who completed temporary jobs fell from 8.9 to 8.5 million in January. The number of long-term unemployed (those jobless for 27 weeks or more) edged down to 6.2 million and accounted for 43.8 percent of the unemployed. (See tables A-11 and A-12.)
After accounting for the annual adjustment to the population controls, the employment-population ratio (58.4 percent) rose in January, and the labor force participation rate (64.2 percent) was unchanged. (See tables A-1 and C.)
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) declined from 8.9 to 8.4 million in January. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)
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