January Payolls Big Miss Again At 113K Below 180K Expected, December Unrevised

Tyler Durden's picture

So much for the hope of either a surge in January jobs, or a massive upward revision in the December print. Moments ago the January jobs number came out and at 113K, it was a huge miss to the expected 180K, but more importantly, the December number which was expected to be revised much higher was virtually unchanged at 75K, compared to 74K originally. The unemployment rate, which has become largely irrelevant, dipped to 6.6% from 6.7%, just so Obama can get the brownie points for fixing the economy. However, judging by the market reaction this is hardly what the traders think.

From the report:

Both the number of unemployed persons, at 10.2 million, and the unemployment rate, at 6.6 percent, changed little in January. Since October, the jobless rate has decreased by 0.6 percentage point. (See table A-1.)  (See the note and tables B and C for information about the effect of annual population adjustments to the household survey estimates.)

 

Among the major worker groups, the unemployment rates for adult men (6.2 percent), adult women (5.9 percent), teenagers (20.7 percent), whites (5.7 percent), blacks (12.1 percent), and Hispanics (8.4 percent) showed little change in January. The jobless rate for Asians was 4.8 percent (not seasonally adjusted), down by 1.7 percentage points over the year. (See tables A-1, A-2, and A-3.)

 

The number of long-term unemployed (those jobless for 27 weeks or more), at 3.6 million, declined by 232,000 in January. These individuals accounted for 35.8 percent of the unemployed. The number of long-term unemployed has declined by 1.1 million over the year. (See table A-12.)

 

After accounting for the annual adjustment to the population controls, the civilian labor force rose by 499,000 in January, and the labor force participation rate edged up to 63.0 percent. Total employment, as measured by the household survey, increased by 616,000 over the month, and the employment-population ratio increased by 0.2 percentage point to 58.8 percent. (See table A-1. For additional information about the effects of the population adjustments, see table C.)

 

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Total nonfarm payroll employment increased by 113,000 in January. In 2013, employment growth averaged 194,000 per month. In January, job gains occurred in construction, manufacturing, wholesale trade, and mining. (See table B-1.)