Stock market news
“January jobs report: Economy added 49,000 payrolls as unemployment rate dropped to 6.3%.
The U.S. economy resumed adding back more jobs than it lost in January, as easing stay-in-place restrictions and fiscal stimulus measures out of Washington alleviated some of the pressure on the labor market. However, the number of jobs regained fell short of expectations, and the number of jobs lost in December was revised to be greater than previously reported.
The U.S. Department of Labor released its monthly jobs report Friday morning at 8:30 a.m. ET. Here were the main results expected from the report, compared to consensus estimates compiled by Bloomberg:
Non-farm payrolls: +49,000 vs. +105,000 expected and a revised -227,000 in December
Unemployment rate: 6.3% vs. 6.7% expected and 6.7% in December
Average hourly earnings, month-over-month: 0.2% vs. 0.3% expected and a revised 1.0% in December
Average hourly earnings, year-over-year: 5.4% vs. 5.0% expected, 5.1% in December
Friday’s reported also reflected downward revisions to the previous two months’ payrolls. November’s non-farm payrolls were revised down by 72,000 to 264,000, and December’s change was revised down by 87,000 to a loss of 227,000 jobs.
And while the unemployment rate unexpectedly declined in January, the drop coincided with a tick lower in the labor force participation rate.”
Stock market source: Yahoo Finance