Following a dismal Labor Department report that revealed the U.S. economy added just 74,000 jobs in the month of December, analysts were predicting an increase of about 185,000 jobs in January. Instead, the Bureau of Labor Statistics reported that total nonfarm employment rose by just 113,000 jobs, with increases in construction, manufacturing, wholesale trade, and mining. Government agencies and retailers cut the most positions.
Hopes that December’s report might be revised significantly upward didn’t pan out either, as just 1,000 jobs were added to the December total.
The national unemployment rate dropped slightly from 6.7% in December to 6.6%, while the percentage of Americans participating in the labor force inched up to 63%, from 62.8%.
