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Economy

Economic Data (USA)

Friday, February 03, 2017

Employment Situation Report for January 2017

The Employment Situation Report for January 2017 was released by The Department of Labor's Bureau of Labor Statistics this morning:

Nonfarm Payrolls (month-to-month change)
Predicted: +175,000
Actual: +227,000


U-3 Unemployment Rate (Headline)
Predicted: 4.7%
Actual: 4.8%

U-6 Unemployment Rate*
Actual: 9.4%
Previous Reading: 9.2%

Average Hourly Earnings (month-to-month change)
Predicted: +0.3%
Actual: +0.1155%

Civilian Labor Force Participation Rate: 62.9%
Previous Reading (revised): 62.7%

Average Workweek
Predicted: 34.4 hours
Actual: 34.4 hours

Economist, academics, central bankers and investors pay very close attention to the monthly Employment Situation report as it offers penetrating insight as to the current and near-future state of the overall U.S. economy. If a) Americans are earning more money and b) the economy is creating new jobs, this typically translates to more money being pumped into the economy (and vice versa.)

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

From today's report:

"...In January, average hourly earnings for all employees on private nonfarm payrolls rose by 3 cents to $26.00 [+0.1155%], following a 6-cent increase in December. Over the year, average hourly earnings have risen by 2.5%. In January, average hourly earnings of private-sector production and nonsupervisory employees increased by 4 cents to $21.84 [+0.1835%]...

...The change in total nonfarm payroll employment for November was revised down from +204,000 to +164,000, and the change for December was revised up from +156,000 to +157,000. With these revisions, employment gains in November and December combined were 39,000 lower than previously reported. Monthly revisions result from additional reports received from businesses since the last published estimates and from the recalculation of seasonal factors. The annual benchmark process also contributed to the November and December revisions. Over the past 3 months, job gains have averaged
183,000 per month..." [Establishment Survey Data]
======
...The effect of these revisions on the underlying trend in nonfarm payroll employment was minor. For example, the over-the-year change in total nonfarm employment for 2016 was revised from 2,157,000 to 2,242,000... [Revisions to Establishment Survey Data]
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* =  The U-6 Unemployment Rate is defined as:

"Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force."

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