U.S. employment fails to rebound strongly from winter chill – Yahoo Finance
By Lucia Mutikani
WASHINGTON (Reuters) – U.S. employers hired far fewer workers than expected in January and job gains for the prior month were barely revised up, suggesting a loss of momentum in the economy, even as the unemployment rate hit a new five-year low of 6.6 percent.
Nonfarm payrolls rose only 113,000, the Labor Department said on Friday. But with strong job gains in construction, cold weather probably was not a major factor in January. The second straight month of weak hiring – marked by declines in retail, utilities, government, and education and health employment – could be a problem for the Federal Reserve, which is tapering its monthly bond-purchasing stimulus program.
December payrolls were raised only 1,000 to 75,000. The data also comes on the heels of a report on Monday showing a surprise drop in factory activity to an eight-month low in January and could rattle investors, already nervous about slowing global growth.
The mainstream news is still pretending the unemployment rate is dropping because of an improving economy and not because people are giving up looking for work…. “But there was a silver lining in the report. The unemployment rate dropped a tenth of a percentage point to 6.6 percent last month, the lowest since October 2008.”Also, every single month there’s an EXCUSE for low job growth with this administration, last month it was “the chill”, will “people distracted by valentine’s day” be this month’s?