January Jobs Report Numbers Released
Written by Your 5News Team
Last updated on February 01, 2013 @ 4:38PM
Created on February 01, 2013 @ 2:45PM
January's jobs report is out, and while unemployment did jump from 7.8 percent to 7.9 percent, the news wasn't all bad.
U.S. employers added more than 150,000 jobs and hiring was much stronger than most analysts thought it would be at the end of last year.
Experts say this proves the job market has held steady even as economic growth stalled. There was a lot of concern over November and December because the economy was sputtering. That was happening because of the threat of deep government spending cuts as well as tax increases from the impending fiscal cliff.
After Friday's adjustments the job gains for November went from 161,000 to 247,000. December increased from 155,000 to 196,000. The hiring picture over the past two years also looked stronger after the department's annual revisions. Employers added an average of roughly 180,000 jobs a month in 2012 and 2011. That is up from previous estimates of about 150,000.
The retail, construction, restaurant, and hotel sectors saw big hiring gains which suggests companies expect consumer spending to hold up in coming months which would also be welcome news for the economy.