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157,000 Jobs Added In January, Unemployment Rate At 7.9%

Tyler Durden's picture




 

The goldilocks economy continues as January nonfarm payrolls number comes in right as expected, or 157,000, a tiny miss to expectations of 165,000, down from the upwardly revised 196,000 (was 155,000 previously), leading to an unemployment rate of 7.9%, higher than the 7.8% expected. The seasonal adjustment for January was in line with expectations, or 2.120 million, as the actual decline in jobs December to January was a whopping 2.84 million. The NSA Birth/Death adjustment subtracted some 314K jobs in January.

From the Household survey:

The number of unemployed persons, at 12.3 million, was little changed in January. The unemployment rate was 7.9 percent and has been at or near that level since September 2012. (See table A-1.) (See the note and tables B and C for information about annual population adjustments to the household survey estimates.)

 

Among the major worker groups, the unemployment rates for adult men (7.3 percent), adult women (7.3 percent), teenagers (23.4 percent), whites (7.0 percent), blacks (13.8 percent), and Hispanics (9.7 percent) showed little or no change in January. The jobless rate for Asians was 6.5 percent (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

 

In January, the number of long-term unemployed (those jobless for 27 weeks or more) was about unchanged at 4.7 million and accounted for 38.1 percent of the unemployed. (See table A-12.)

 

Both the employment-population ratio (58.6 percent) and the civilian labor force participation rate (63.6 percent) were

unchanged in January. (See table A-1.)

 

The number of persons employed part time for economic reasons, at 8.0 million, changed little 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.)

And from the Establishment survey: 

Total nonfarm payroll employment increased by 157,000 in January. In 2012, employment growth averaged 181,000 per month. In January, job gains occurred in retail trade, construction, health care, and wholesale trade, while employment edged down in transportation and warehousing. (See table B-1.)

 

Employment in retail trade rose by 33,000 in January, compared with an average monthly gain of 20,000 in 2012. Within the industry, job growth continued in January in motor vehicle and parts dealers (+7,000), electronics and appliance stores (+5,000), and clothing stores (+10,000).

 

In January, employment in construction increased by 28,000. Nearly all of the job growth occurred in specialty trade contractors (+26,000), with the gain about equally split between residential and nonresidential specialty trade contractors. Since reaching a low in January 2011, construction employment has grown by 296,000, with one-third of the gain occurring in the last 4 months. However, the January 2013 level of construction employment remained about 2 million below its previous peak level in April 2006.

 

Health care continued to add jobs in January (+23,000). Within health care, job growth occurred in ambulatory health care services (+28,000), which includes doctors' offices and outpatient care centers. This gain was partially offset by a loss of 8,000 jobs in nursing and residential care facilities. Over the year, health care employment has increased by 320,000.

 

Employment increased in wholesale trade (+15,000) in January, with most of the increase occurring in its nondurable goods component (+11,000). Since the recent low point in  May 2010, wholesale trade has added 291,000 jobs.

 

Mining employment increased (+6,000) over the month; employment in this industry has risen by 23,000 over the past 3 months.

 

Employment edged down in transportation and warehousing in January (-14,000). Couriers and messengers lost 19,000 jobs over the month, following strong seasonal hiring in November and December. Air transportation employment decreased by 5,000 in January.

 

Manufacturing employment was essentially unchanged in January and has changed little, on
net, since July 2012.

The labor force participation rate remained the same:

Birth death adjustments: 


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Fri, 02/01/2013 - 09:33 | 3205777 Shocker
Shocker's picture

This has been one heck of a recovery

Layoff/Business Closing List
http://www.dailyjobcuts.com

Fri, 02/01/2013 - 09:34 | 3205785 King_of_simpletons
King_of_simpletons's picture

I am confused. So unemployment goes up from 7.8 to 7.9% and this is cause for celebration.

Is it just me ?

Fri, 02/01/2013 - 09:37 | 3205795 SokPOTUS
SokPOTUS's picture

It's the new AMZN grading scale.  Get with it.

Fri, 02/01/2013 - 09:40 | 3205824 TerminalDebt
TerminalDebt's picture

MOAR QE needed

Bullish

Fri, 02/01/2013 - 10:00 | 3205874 TruthInSunshine
TruthInSunshine's picture

The Bernank, after inflating some of the largest asset bubbles (and the widest variety on a simultaneous basis, from equities to bonds) in the history of fractional reserve central planning monetary policy/alchemy, wakes up each morning with one thought dominating his frontal lobe: 

 

I hope that I've exited my post at the Federal Reserve by the time the house of cards I've constructed comes crashing down.

 

BTFD, especially the non-dip on The Newer Winners of The Newer World, such as CRM, PCLN, CMG, LULU, AMZN,

Fri, 02/01/2013 - 09:58 | 3205888 King_of_simpletons
King_of_simpletons's picture

"I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said." -- Alan Greenspan

http://www.marketwatch.com/story/why-the-correction-may-have-started-2013-02-01

Fri, 02/01/2013 - 10:11 | 3205931 The Juggernaut
The Juggernaut's picture

It was the weather!  The Fed said so!

Fri, 02/01/2013 - 10:52 | 3206064 trav777
trav777's picture

you know the data's got to be bad if the UE headline rate went up but at the same time participation rate goes down...

what would the UE rate be if you actually counted all those people who are, you know, unemployed?  17%? 20?

Fri, 02/01/2013 - 10:58 | 3206088 TruthInSunshine
TruthInSunshine's picture

The spin I heard on National Propaganda Radio this morning (I listen for absolute entertainment value) was that economists & anal-cysts fear that the 8 million long term unemployed (in reality, closer to 15 million ltu if one counts those actually trying, and 35 million ltu if one counts inner cities) will try and find jobs again, which will cause the unemployment rate to skyrocket.

So that is just yet more evidence of how robust this recovery is.

Fri, 02/01/2013 - 11:04 | 3206114 Never One Roach
Never One Roach's picture

trav, it's gonna get worse. I know 2 small businesses that closed shop this week. Could not handle the postal rate increase ...crushed their already tiny profit margins. I don't know how the numbers will fudge (hide) all these small owners going under.

 

 

Fri, 02/01/2013 - 10:19 | 3205952 eclectic syncretist
eclectic syncretist's picture

I'm putting cyber FRN's where my mouth is and buying some Feb. XLF puts.  And if it pays off I'll convert it all into physical silver.  Fuck Bernanke and all the other bankster criminals like him.

Fri, 02/01/2013 - 09:38 | 3205797 jay28elle
jay28elle's picture

Any news is news worthy of +10 ES

Fri, 02/01/2013 - 10:08 | 3205921 Pool Shark
Pool Shark's picture

 

 

The good news is: the bad news was worse...

 

 

Fri, 02/01/2013 - 09:37 | 3205798 ss123
ss123's picture

Gotta have an excuse to keep on pump'n

Fri, 02/01/2013 - 09:41 | 3205802 GrinandBearit
GrinandBearit's picture

For PM's it is  :o)

It means the Fed will keep flinging money at the market... Mr Market loves that.

 

Fri, 02/01/2013 - 09:51 | 3205858 Being Free
Being Free's picture

and "only" 1B in POMO scheduled for today. 

Fri, 02/01/2013 - 09:42 | 3205820 dwdollar
dwdollar's picture

It's been like this for some time now. Where have you been?

Good is good and bad is better than good...

Fri, 02/01/2013 - 09:43 | 3205830 BLOTTO
BLOTTO's picture

Confusion - for the intelligent independent thinkers? - yes, 100%

.

Does it make sense to all those masses that watch and rely on the 2minute illuminati controlled news report? - yes, 100%

.

Now thats! confusion.

Fri, 02/01/2013 - 09:44 | 3205834 Cursive
Cursive's picture

@King_of_simpletons

And where is Joe Biden's 500k per month?

Fri, 02/01/2013 - 10:38 | 3206024 TruthInSunshine
TruthInSunshine's picture

500k per month job growth is already here if you include created and/or saved (on a purely speculative, absolutely evidence-less, basis).

Fri, 02/01/2013 - 09:55 | 3205869 bonzo112358
bonzo112358's picture

Of course it's bullish.  It's the new math.  More people got a job so therefore more people are unemployed.  Simple Bernank Mathematics.  And since the Fed is targeting a lower unemployment rate this means that all the big players will keep getting free money and the banks can continue to unload their underwater mortgages to Unlce Ben himself.

Fri, 02/01/2013 - 09:55 | 3205872 Shizzmoney
Shizzmoney's picture

It's just you

- Sincerely, the Secret Service, the NSA, and the Federal Reserve

Fri, 02/01/2013 - 10:11 | 3205932 hivekiller
hivekiller's picture

It's actually 22-23 percent. Pass the word.

Fri, 02/01/2013 - 10:37 | 3206016 mightycluck
mightycluck's picture

I was laughing at the talking heads on TV this morning as if unemployment vanished.

This economist seems to be overly negative, however. Or is he right?

http://confoundedinterest.wordpress.com/2013/02/01/more-housing-angst-un...

Fri, 02/01/2013 - 09:57 | 3205882 Eireann go Brach
Eireann go Brach's picture

Obamanomics = where shit = good!

Fri, 02/01/2013 - 14:43 | 3206872 SDShack
SDShack's picture

Obamanomics = Economics + Moronics

Fri, 02/01/2013 - 11:50 | 3206319 Cman5000
Cman5000's picture

I tried to explain this to some Libs and other kool-aid drinkers were not in a recovery.I pointed to the job cuts, drop in GDP and all they could say is well that's normal to have ups and down. They also blamed the cuts on Rep run congress and companies.It's hopless trying to explain anything to the Sheep.

Fri, 02/01/2013 - 09:33 | 3205780 fonzannoon
fonzannoon's picture

I thought last year around this time we were in the 200k area every month. Why is 157k this year goldilocks?

Fri, 02/01/2013 - 09:38 | 3205801 Cursive
Cursive's picture

@fonzanoon

I feel you sarcasm.  Goldilocks = Whatver BS is Needed to Push Stocks Higher

Fri, 02/01/2013 - 09:44 | 3205836 fonzannoon
fonzannoon's picture

It's goldilocks I guess because at 7.9% UE, QE4eva is firmly in tact while 157k jobs shows the economy is trudging along and once they get that grand bargain where they slash huge gaps in the deficit and get the debt on the right track growth is going to explode as corporations put their massive stashes of cash back to work. So you may as well get long now because the market is a forward looking mechanism and is already pricing in utopia while keeping rates firm at 0%.

 

 

Fri, 02/01/2013 - 09:39 | 3205811 GeezerGeek
GeezerGeek's picture

It is good because Obama is still president. Anything that happens while Obama is president is, by definition, good - except for mass murders and similar events, that is.

Had Romney won and been inaugurated, we would already be deluged with reports in the MSM that homelessness is up, poverty is up, job creation is meager, old people are being thrown out into the streets to die...well, you know the litany. Thanks be to Obama, everything is wonderful. 

Fri, 02/01/2013 - 09:44 | 3205835 LetThemEatRand
LetThemEatRand's picture

By MSM you mean Fox (the most watched cable news), Rush (the most listened to radio personality), WSJ, Drudge, or something else?   Get over your illusion that MSM is right or left -- it is both because the right/left debate keeps these guys in power.

Fri, 02/01/2013 - 10:17 | 3205951 SmallerGovNow2
SmallerGovNow2's picture

Rush is right, Fox is "ballanced", and MSNBC, CNN, ABC, CBS, CNBC, NPR, and all the others (including most news print) are off the chart left...

Fri, 02/01/2013 - 10:20 | 3205961 nmewn
nmewn's picture

Pretty sure he meant the MSM, as in the government propaganda networks...ya know, like CBS, where Steve Croft has an interview with BOTH O'Barry & Hitlary and asks nothing about O'Barry's foreign policy (is there an O'Barry foreign polciy and/or doctrine for instance?) and then fails to ask Hitlary to name just one major accomplishment in her tenure as SS.

Of course, he may have meant CNN where Piers Morgan then interviewed the interviewer, Steve Croft, about his interview with O'Barry & Hitlary, where interviewer Croft didn't ask anything I just pointed out, preffering to just run his nose up their asses as far as he could get it.

Rivetng stuff, that state propaganda.

 

Fri, 02/01/2013 - 10:56 | 3206079 trav777
trav777's picture

meh...cable news.  Popularity doesn't matter, control of key electoral whale states does.

Besides, in media, what, like 70% self-identify as democrap?

Fri, 02/01/2013 - 09:40 | 3205812 SokPOTUS
SokPOTUS's picture

Because Goldilocks was a bed-hopping, theiving, Bitch.  Guys fall for that sh*t all the time.

Fri, 02/01/2013 - 09:36 | 3205782 spastic_colon
spastic_colon's picture

and gasoline prices are up so retail sales will look much better next report, let the farce be with you

 

plus ofcourse todays ISM will be better than expected etc etc

Fri, 02/01/2013 - 09:35 | 3205787 lizzy36
lizzy36's picture

Look at that monetary policy, working wonders for jobs below the poverty level.

MOAR QE!

Fri, 02/01/2013 - 15:26 | 3207043 mkhs
mkhs's picture

Hey. If it weren't for QE, people would have to cut back on getting their shoes shined. More shoe shining, more people employed.

Fri, 02/01/2013 - 09:37 | 3205790 MFLTucson
MFLTucson's picture

This is Obamas recovery, pain, lies, debt and destruction but no jobs because his agenda is to ruin this country!  He has abandoned the jobs council to focus solely on disarming the people and cover-ups.

Fri, 02/01/2013 - 09:54 | 3205873 Temporalist
Temporalist's picture

They want to disarm people based on a few nuts actions but they won't ban religion for pulling this shit on 10,000 kids:

 

http://www.bbc.co.uk/news/world-us-canada-21289854#sa-ns_mchannel=rss&ns...

"A Church-commissioned report said more than 4,000 US priests had faced sexual abuse allegations since the early 1950s, in cases involving more than 10,000 children - mostly boys."

And those are only the ones that had allegations against them.

Fri, 02/01/2013 - 10:12 | 3205937 hivekiller
hivekiller's picture

Why is it the govt's job to ban anything?

Fri, 02/01/2013 - 11:08 | 3206145 Temporalist
Temporalist's picture

Who will stop you from playing with Lawn Darts™ if not the guv?

Fri, 02/01/2013 - 15:28 | 3207050 mkhs
mkhs's picture

A lawn dart in the head is natural selection at work.  Don't fight mother nature.

Fri, 02/01/2013 - 09:56 | 3205876 Banksters
Banksters's picture

The brutal truth: 

The baby boomers ain't getting shit except a pile of fiatscos.  

Fri, 02/01/2013 - 09:37 | 3205791 Byte Me
Byte Me's picture

So if 85bil / month ain't working...

Moar WILL??

 

Hang Bernanke

Hang it HIGH

Fri, 02/01/2013 - 09:38 | 3205799 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

No more flouride in the drinking water.

Now they are putting in Thorazine!

Even Franz Kafka would have a great degree of difficulty fictionalizing this market.

Fri, 02/01/2013 - 09:38 | 3205800 unrulian
unrulian's picture

So why exactly is gasoline included in retail sales numbers but not inflation numbers?

Fri, 02/01/2013 - 10:03 | 3205904 qqqqtrader
qqqqtrader's picture

easy...

everything in this world is rigged, it's in ALL Govt DNA to adjust, massage, mutilate, lie, twist, alter, mask what true facts are. They feel they must control everything even if others are damaged! You're being brainwashed!

Fri, 02/01/2013 - 10:07 | 3205922 eclectic syncretist
eclectic syncretist's picture

Got to keep the lemmings in stampede mode if you're going to get them to go over the cliff.

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