The Economy Just Gained 227000 Jobs. Here's How It Can Continue Growing
Feb 04 2017
According to the broadest measure (U-6), which includes so-called discouraged workers, the jobless rate is much higher - 9.4 percent as of last month.
The unemployment rate ticked up slightly moving from 4.7% in December to 4.8% in January, as labor force participation increased, according to the report. The problem, said the Journal, is that "no one knows how many Americans work as contractors, because they don't fit neatly into the job categories tracked by government agencies [such as the BLS]".
Similarly, one might expect job growth in retail trade (which created 46,000 jobs) and leisure and hospitality (which created 34,000 jobs).
Figures released Friday by the U.S. Labor Department revealed non-farm payrolls increased by 227,000 jobs last month, the largest gain in four months.
However, wage growth cooled from the previous month.
"Manufacturing has always been the backbone of our country, and it is tough to see no significant job gains this month", said Scott Paul, president of the Alliance for American Manufacturing (AAM). The BLS calculated the rate of unemployment-the one that appears in most headlines and that the bureau labels U3-at 4.8 percent for January.
Analysts at USA financial services firm Cowen & Co said this week in a note that capital expenditure tracking showed 31 exploration and production (E&P) companies planned to increase spending by an average of 36 percent in 2017 over 2016. That pace, however, would be more than enough to continue to bring down the unemployment rate.
Couriers and other cargo-handling businesses slashed payrolls by 13,000 jobs in January, ending several months of gains during which the logistics sector ramped up for the holiday season.
Across-the-board job growth: January's job gains cut across sectors. Growth has averaged about 2% a year since 2010, fueled by a surge in hiring that has reduced the unemployment rate near a nine-year low.
If nothing else, Donald Trump has a rather unique opportunity to prove or disprove the Fed's thesis, thanks to that populist uprising.
Average wages increased by 3 cents and now sit at $26.00 for the month of January. With 170,000 construction jobs added over the last 12 months, builders are increasing capacity, which should translate into continued home building.
The ISM said its non-manufacturing index edged down to 56.5 in January from a revised 56.6 in December, although a reading above 50 still indicates growth in the service sector.
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