Market news
04.02.2011, 13:36

US DATA: Jan employ report probably shows some weather effects with payrolls just +36k

 

Jan employ report probably shows some weather effects with payrolls just +36k (after +40k up-rev in Dec-Nov) and benchmark -483k for Dec'10. Civ unemploy rate -0.4 pt to 9.0% as unemployed -622k but labor force -504k and participation -0.1pt to 64.2%; this suggests discouragement rather than massive improvement. NSA data showed 4.9m people forced to work part-time due to bad weather and another 886k with a job but not at work due to weather - not unusually high for a Jan. PvtAHE +10c to +2.3% YOY, & hours slipped, with divergence due to weather vs annual pay adjs. Jan payrolls: Mfg +49k, constructn -32k, retail +27.5k, finance -10k, govt -14k (most ex ed), temp -11.4k, health +12.9k
Details: Payrolls/Prior    AHE,yoy  Agg Hrs   Civ Unempl Rt/Unrnd 
Jan         +36k   ----     +2.3%     99.3        9.0%  (9.0498%)
Dec        +103k   +121k    -----     99.6r       9.4%  (9.4248%)
Nov         +71k    +93k    -----     99.5r       9.8%  (9.7701%)

 

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