The U.S. Bureau of Labor Statistics reported this morning that 257k nonfarm payrolls were added during the month of January. This follows revised payrolls gains of 329k in December and 423k in November.
The Professional Services industry added the most jobs in January.
The Education and Health Services industry, the Leisure and Hospitality industry, and the Professional Services industry have contributed the most to job gains over the last 8 years. Although Construction and Manufacturing employment both grew in January, these sectors have had the most difficulty recovering from the economic downturn.
The household survey shows that 777k full-time jobs were added in January, while part-time employment increased by 40k. Since November 2007, when the household survey showed peak employment, full-time jobs have decreased by 1.2 million and part-time jobs have increased by 2.8 million.
Part-time employees made up 18.58% of the workforce in January, down from 18.66% in December.
Those part-time for economic reasons, workers who would prefer to be full-time but are involuntarily part-time, as a share of those part-time for noneconomic reasons was unchanged at 34.4%.
The unemployment rate (U-3) was 5.7% in January, up from 5.6% in December. The broader underemployment rate (U-6) increased to 11.3% from 11.2%.
Youth unemployment continues to be volatile.
Unemployment for those with less than a high school diploma decreased to 8.5%.
Blacks continue to experience the highest unemployment rate at 10.3%.
The labor force participation rate increased to 62.9% from 62.7%, while the employment-to-population ratio increased to 59.3% from 59.2%.
Participation among men increased to 69.5% from 69.2% and participation among women increased to 56.8% from 56.6%.
The participation rate for prime age workers (25-54) rose to 81.8% from 80.8% in December.
Since the total participation rate peaked in August 2008, participation has only risen in the 55+ age bracket.
Average weekly hours worked by production and supervisory employees decreased to 33.8 from 33.9, while average hourly earnings increased to $20.80 from $20.73. Average hourly earnings have increased 1.96% from a year ago.
Average duration of unemployment in January was 32.3 weeks, down from 32.8 in December. This metric reached a high of 40.7 in 2011, and is still elevated by historical standards.
Of those unemployed, 47.0% have been so for 15 weeks or longer.
Overall, this was a strong and generally positive employment report.