January Jobs Numbers Show PromiseFebruary 8, 2012
Following on the heels of a handful of reports released last week, the U.S. Department of Labor Bureau of Labor Statistics (BLS) reported modest growth for January 2012. According to the new data, total nonfarm employment grew by 243,000 jobs last month. Correspondingly, the unemployment rate dropped 0.2 percent from 8.5 percent in December 2011 to 8.3 percent in January.
This new data is in-line with last week’s report from Automatic Data Processing, Inc. (ADP) which reported 170,000 jobs were created by the private sector in January. Both employment reports also are in-line with NSBA’s recently-released Year-End Economic Report which found employment growth moving in the right direction along with notable improvements in economic outlook and small-business confidence.
According to BLS, the largest employment gains between December and January were in professional and business services, leisure and hospitality, and manufacturing. BLS also revised its December employment growth from 200,000 up to 203,000