The U.S. added 49,000 jobs in January, less than expected 105,000, according to the Bureau of Labor Statistics press release. The unemployment rate fell by 0.4 percentage points to 6.3% in January, less than expected 6.7%.
- Private payrolls in January rose by 6,000, more than estimated 163,000.
- Average hourly earnings rose 0.2% from December, below expected 0.3%
- Job participation rate declined to 61.4%.
- Treasury yields pared gains while equity futures remained up.
- Asian Americans recorded a rise in unemployment while jobless rates for Blacks, Whites, and Hispanic Americans fell.
- Almost all added jobs in January came from the government.
- Weak job growth may boost calls for a big stimulus by President Joe Biden’s administration.
- The weak job growth also suggests that the pandemic’s near-10 million jobs losses may take years to fill.
- Most job losses were concentrated in leisure, hospitality, and retail.
U.S stocks are gaining as the dollar losses. SPY is up 0.47% on premarket, QQQ is up 0.2% on premarket, EURUSD is up 0.42%
Leave a Reply