The US economy added 157,000 payroll jobs in January. Job gains for 2012 were revised up by 324,000

1. Data for the Classroom from
Ed Dolan’s Econ Blog
http://dolanecon.blogspot.com/
US Economy Adds 157,000
Payroll Jobs in January
Posted Feb. 2, 2013
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2. Economy adds 157,000 Payroll Jobs in January
 The latest report from the Bureau of
Labor Statistics showed an increase of
157,000 payroll jobs in January
 The private sector added 157,000 jobs
while government lost 9,000, continuing
a long trend toward shrinking
government employment
 Construction accounted for most of the
increase in goods-producing jobs, while
retail trade and healthcare services
were the fastest growing service
categories
Posted Feb. 2, 2013 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com

3. 2012 Jobs Total Revised Upward
 The BLS also released revised data
on 2012 payroll jobs, based on a
new set of annual benchmarks
 The revisions showed that 324,000
more jobs were created in the year
than previously reported
 Revisions for the third quarter were
especially strong
Posted Feb. 2, 2013 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com

4. Unemployment Rate Ticks Up to 7.9 Percent
 The unemployment rate rose slightly to
7.9 percent, returning to its October
value
 The unemployment rate is the ratio of
unemployed persons to the labor force.
 The labor force increased by 156,000
for the month. The number of employed
workers rose by 143,000 and the
number of unemployed workers by
12,000
 The unemployment rate is based on a
separate survey of households that
includes self-employed and farm
workers
Posted Feb. 2, 2013 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com

5. Broad vs. Standard Unemployment Rate
 The BLS also provides a broader
measure of job-market stress, U-6
 The numerator of U-6 includes
 Unemployed persons
 Marginally attached persons who
would like to work but are not
looking because they think there
are no jobs, or for personal reasons
 Part-time workers who would prefer
full-time work but can’t find it
 The denominator includes the labor
force plus the marginally attached
 U-6 remained unchanged at 14.4
percent in January
Posted Feb. 2, 2013 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com

6. Long-term Unemployment Falls to Lowest Since 2010
 The recession and slow recovery have
been characterized by unusually high
levels of long-term unemployment, but
the rate has begun to fall
 The percentage of the unemployed
out of work for 27 weeks or more
decreased to 38.1 percent in January,
the lowest rate since October 2010
 The mean duration of unemployment
fell to 35.3 weeks and the median
duration to 16 weeks
Posted Feb. 2, 2013 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com

7. Long-term Unemployment Falls to Lowest Since 2010
 The recession and slow recovery have
been characterized by unusually high
levels of long-term unemployment, but
the rate has begun to fall
 The percentage of the unemployed
out of work for 27 weeks or more
decreased to 38.1 percent in January,
the lowest rate since October 2010
 The mean duration of unemployment
fell to 35.3 weeks and the median
duration to 16 weeks
Posted Feb. 2, 2013 on Ed Dolan’s Econ Blog http://dolanecon.blogspot.com