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February 2, 2007
Labor Report Shows Steady, Modest Growth
The U.S. Department of Labor reported today that unemployment edged up to 4.6
percent in January, from 4.5 percent in December. Payrolls increased by the addition of 111,000 new jobs. The sluggish but decent performance reflects employers' optimism tempered by a wait-and-see attitude as they expand business in a moderating economy.
Also, the department has released adjusted labor data for 2006, showing an additional gain of 147,000 new jobs. Together the changes left the economy with close to 1 million jobs more than previously believed. But the Labor Department had already signaled a change of this magnitude was likely in the January report.
Following last year's trend, new jobs opened in education and health care, with 31,000 jobs; leisure and hospitality, with 23,000 jobs; and government, which added 14,000 jobs. Other sectors adding jobs were finance and construction. Despite the housing downturn, commercial construction has boomed. Job loss continued in manufacturing, especially at factories making computer and electronic equipment, furniture, textiles, and automobiles.
Hourly wages rose slightly, with a .02 percent gain over the previous month, while average pay over the past 12 months rose 4 percent.
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