Economy Added 151,000 Jobs in January 2016
Posted on February 5, 2016
The economy added 151,000 jobs in January 2016. The unemployment rates remained relatively unchanged at 4.9%. The economy has averaged 231,000 new jobs per over the past 3 months.Most of the newly added jobs in January were in retail trade, which added 58,000 new jobs. Food services was second with 47,000 new jobs. Other sectors adding jobs included health care (+37,000), manufacturing (+29,000), financial (+18,000) and private education services (+39,000).
Sectors that contracted included mining, which lost 7,000 jobs. Mining has lost 146,000 positions since September 2014. Transportation and warehousing lost 20,000 positions. Jobs at temporary help services were down by 25,000.
The numbers come as the economy appears headed for a possible global downturn. CNN reports that Citi strategists led by Jonathan Stubbs said in a report, "The world appears to be trapped in a circular reference death spiral." That doesn't sound good at all.
The New York Times says a bright spot in the latest report was the gain in average hourly earnings of half a percentage point. President Obama came out to talk about the new job numbers. Take a look: