U.S. gains 257K jobs, unemployment rate ticks up to 5.7 percent

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WASHINGTON — U.S. employers hired at a stellar pace last month, wages rose by the most in six years, and Americans responded by streaming into the job market to find work.

The Labor Department says the economy gained a seasonally adjusted 257,000 jobs in January, and added far more in previous months than originally estimated. Businesses added 414,000 jobs in November, the government now says, the most in 17 years. Total job gains in December were also revised higher, to 329,000, up from 252,000.

The unemployment rate rose to 5.7 percent from 5.6 percent. But that’s not necessarily a bad thing. More Americans began looking for jobs, though not all found work. Their job hunting suggests they are more confident about their prospects.

Average hourly wages, meanwhile, jumped 12 cents to $24.75.

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1 Comment

  • wohukyzug (@wohukyzug)

    The “recovery” is nothing more than something manufactured by the media.

    We are 5-6 years into our jobless “recovery”. And even this tepid recovery shows signs of stalling.

    The combination of Outsourcing, Automation, and Illegal Immigration have decimated the working class and working poor, with no end in sight. Wages can’t rise with these headwinds… and if they did then the Fed would immediately raise interest rates to ward off the “wage price spiral” crushing wages again. They think it’s ok for Stocks to jump out of control… but wage raises for the plebes is unacceptable.

    Everybody I know is either out of work or under-employed. I haven’t had a raise in years despite all my expenses increasing from year to year. My health insurance is now up to $400/month. Before the government touched it, it was $250/month! Contrast this to my $25/month auto insurance from Insurance Panda… or my $15/month renters insurance from Eagle… both private enterprise! Please, Obama! Don’t try to socialize them too!

    Federal Reserve monetary policy moves (although necessary) have mainly benefitted Big Business (especially Finance) and speculators, to the detriment of savers. Zero Interest Rate policy and Fed Purchases in the Open Market simply don’t help the Average American much. Thus we see a booming Stock Market (which is clearly an echo bubble based on Fed policy and not on macroeconomic data) and we saw a mini echo RE bubble (especially the “luxury rental” segment)

    People ask why the Stock Market isn’t jumping with today’s news. The answer is obvious. It likes the increase in GDP, but it doesn’t like the idea that the Fed may need to stop goosing the market. The Fed is trapped with no exit strategy.

    We need a drop in REAL unemployment and increased WAGES, and should focus on those.