Friday, February 04, 2011

Envisioning Employment: Employment Situation January 2011

Today’s Employment Situation Report showed that in January, net nonfarm payrolls increased by just 36,000 while private nonfarm payrolls added just 50,000 as the unemployment rate declined to 9.0%.

It's important to note that with today's release and in accordance with typical policy, the BLS has revised all months of 2010 resulting in a generally weaker trend than had been previously published with eight months being revised lower.

In fact, while both January and February of 2010 were originally reported to have seen net job gains now they show notable declines.

As for January though, net private sector jobs increased 0.05% since last month remaining a whopping 6.53% below the peak level of employment seen in December 2007 though, on a year-over-year basis, private jobs showed a notable increase of 1.16%.