January Jobs Up 200K, Unemployment Steady 4th Month, Workweek Falls

Nonfarm payrolls rose by 200K in January beating the consensus of 175K. Unemployment held at 4.1% for the 4th month.

Initial Reaction

Today’s establishment survey shows jobs rose by 200,000 topping the consensus estimate of 175,000. The household survey (Table A) shows the baseline unemployment rate was steady at 4.1% for the fourth consecutive month.

U-6 unemployment, which counts involuntary part-time jobs, rose for the second consecutive month. The workweek declined. Year-over-year wages were only up 2.4%. Those were the negatives in the report.

Let’s dive into the details in the BLS Employment Situation Summary, unofficially called the Jobs Report.

BLS Jobs Statistics at a Glance

Nonfarm Payroll: +200,000 – Establishment Survey

Employment: +409,000 – Household Survey

Unemployment: +108,000 – Household Survey

Involuntary Part-Time Work: +74,000 – Household Survey

Voluntary Part-Time Work: -745,000 – Household Survey

Baseline Unemployment Rate: flat at 4.1% – Household Survey

U-6 unemployment: +0.1 to 8.2% – Household Survey

Civilian Noninstitutional Population: +671,000

Civilian Labor Force: +518,000 – Household Survey

Not in Labor Force: +153,000 – Household Survey

Participation Rate: flat at 62.7 – Household Survey

Employment Report Statement

Total nonfarm payroll employment increased by 200,000 in January, and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in construction, food services and drinking places, health care, and manufacturing.

Revisions