Pace of Job Growth Faster Than Previously Estimated via AXIOMetrics.com

Benchmark Revision Boosts Job Growth For 2011 And 2012; Pace of Job Growth Faster Than Previously Estimated.

On Friday, February 1, 2013, the U.S. Department of Labor’s Bureau of Labor Statistics (BLS) posted its preliminary January employment numbers for the U.S. At the national level, the employment report showed an increase in job gain and the unemployment rate from December 2012. Monthly nonfarm payrolls increased by 157,000 jobs in with private payrolls rising by 166,000 jobs. Employment growth by sector was led by Retail Trade (+33,000), Construction (+28,000), and Health Care (+23,000). Employment declined in Transportation and Warehousing by 14,000 jobs. The number of unemployed persons increased slightly to 12.3 million and the labor force participation rate remained unchanged at 63.6%, near its recent historically low level. The number of long-term unemployed (+27 weeks) was 4.7 million, accounting for 38.1% of the unemployed. Also, out of 2.4 million persons who were marginally attached to the labor force in January, 804,000 were discouraged workers and 1.6 million persons had not searched for work in four weeks preceding the survey because they believe that there are no jobs are available for them or they must attend school, or family responsibilities.

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