The American economy once again failed to keep up with population growth in job creation in January, the second poor jobs report in a row. Only 113,000 jobs were added last month according to the BLS, but the labor force rebounded a bit as well:
Total nonfarm payroll employment rose by 113,000 in January, and the unemployment rate was little changed at 6.6 percent, the U.S. Bureau of Labor Statistics reported today. Employment grew in construction, manufacturing, wholesale trade, and mining.
Both the number of unemployed persons, at 10.2 million, and the unemployment rate, at 6.6 percent, changed little in January. Since October, the jobless rate has decreased by 0.6 percentage point. (See table A-1.) (See the note and tables B and C for information about the effect of annual population adjustments to the household survey estimates.) ….
After accounting for the annual adjustment to the population controls, the civilian labor force rose by 499,000 in January, and the labor force participation rate edged up to 63.0 percent. Total employment, as measured by the household survey, increased by 616,000 over the month, and the employment-population ratio increased by 0.2 percentage point to 58.8 percent. (See table A-1. For additional information about the effects of the population
adjustments, see table C.)
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) fell by 514,000 to 7.3 million in January. These individuals were working part time because their hours had been cut back or because they were unable to find full-time work. (See table A-8.)
The BLS applied its annual revisions to benchmarks, which in the end didn’t change too much of its analyses over the past year. The impact to the December-January calculations was almost nil, for instance.
There are a couple of bright spots. The U-6 measure of overall unemployment dropped to 12.7% even with the increase in the labor force, its lowest reading since December 2008 near the apex of the job-loss meltdown in the Great Recession. The number of people employed in the Establishment survey hit its highest level since June 2008, and in the private-sector since March 2008. The workforce participation rate bounced back a little, but not much; 63.0% is still tied for the fifth-lowest month since the 1970s.
Still, we need to add 150,000 jobs a month to keep pace with population growth. We’re closer to it than in December, which was upgraded to 75,000 jobs added, but still far off the pace for even stagnation.
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