February 7, 2014
U.S. EMPLOYERS HIRED
A TOTAL OF
AVERAGE HOURLY EARNINGS
THE UNEMPLOYMENT RATE
WORKERS IN JANUARY
1.9% ABOVE LAST YEAR
7.9% LAST JANUARY
ANEMIC JOB CREATION CONTINUES INTO 2014
• A second straight month of sub-par employment gains: just 188,000 jobs were
created in December and January combined.
• Despite the lackluster hiring totals, the unemployment picture improved slightly, as
the unemployment rate edged down and labor force participation rose.
• With a labor market that has shifted into low gear, there are growing concerns that
the U.S. economy may be losing some momentum.
The pace of hiring remained sluggish to begin 2014, as January’s job gains totaled just 113,000, following an increase of 75,000 in
December—again well below consensus expectations. The BLS’ annual revisions to the prior year’s employment data brought a little better
news. Total payroll gains for 2013 were revised upwards by 136,000, raising last year’s average monthly job increase to 194,000—a slight
acceleration from 186,000 per month in 2012.