Keeping you up to date on the latest data releases.
In January, nonfarm payroll employment rose by 113,000, coming in well below consensus estimates. The unemployment rate ticked down to 6.6 percent. This report includes annual benchmark revisions to both seasonal adjustments and population controls, which have averaged revisions of plus or minus 0.3 percent to employment estimates over the past ten years. On the household side of the report, the labor force participation rate edged up 0.1 percent, while the employment-to-population ratio rose by 0.2 percent.
On the establishment side of the report, revisions to November and December figures have increased payroll employment by 34,000 more than previously reported. Throughout 2013, the average monthly employment gain was 194,000, with the average monthly change over the past three months was 154,000. The sectors with the largest employment gains include construction, up 48,000; manufacturing, up 21,000; and wholesale trade, up 14,000. The greatest declines came from retail trade, down 13,000, and government, down 12,000, where cuts to postal service employment accounted for most of the decline. The average weekly hours for all employees remained unchanged, while average hourly earnings ticked up $0.05 to $24.21 and average weekly earnings ticked up by $1.72 to $832.82.