U.S. economy adds 143,000 jobs in January, less than anticipated
The U.S. economy added fewer jobs than anticipated in January, pointing to a slowing in labor demand, although analysts noted the figures may be distorted by revisions and extreme weather events during the month, News.Az reports citing Investing.
Nonfarm payrolls came in at 143,000 in January, down from an upwardly-revised level of 307,000 in December, according to data from the Labor Department's Bureau of Labor Statistics (BLS). Economists had seen the number at 169,000.
Coupled with a similar increase in November's revised figure, the total revisions between the two months amounted to 100,000 roles.
Meanwhile, the unemployment rate cooled slightly to 4.0%, down from 4.1% in the previous month. The figure was tipped to match December's pace. Average hourly earnings growth accelerated to 0.5%, faster than expectations that it would equal 0.3% in December.
The BLS flagged that the establishment survey -- which measures nonfarm employment -- had been revised as a result of an annual benchmarking process and an update to seasonal adjustment factors. The household survey for January, a gauge of status of the labor force, was also reflective of fresh population estimates, the BLS said.
Prior to the publication of the report, analysts had said the data could have been distorted by recent devastating wildfires in Los Angeles, along with a spell of cold weather across the U.S. last month. However, the BLS said the events had "no discernable effect" on the report.
Friday's figures, as well as a raft of separate reports earlier this week, have suggested that the labor market may be easing but is not entering a sudden downturn -- possibly bolstering the case for the Federal Reserve to leave interest rates unchanged until at least June.
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