The US economy added 157,000 payroll jobs in January according to the Bureau of Labor Statistics. The private sector added 157,000 jobs while government lost 9,000 jobs. Revisions to 2012 jobs data showed 324,000 more jobs were created than previously reported. The unemployment rate ticked up slightly to 7.9% as the labor force and number of employed workers increased while the number of unemployed rose by 12,000. Long-term unemployment fell to its lowest level since 2010.

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