USA employers add a strong 225000 jobs; unemployment up to 3

Image Credit The Canadian Press			By Doug Collins	
		UNEMPLOYMENT RATE		B.C. Unemployment still the best				Feb 07 2020

Image Credit The Canadian Press By Doug Collins UNEMPLOYMENT RATE B.C. Unemployment still the best Feb 07 2020

Mild weather in January helped boost employment in the construction sector.

On the downside, the health-care sector lost 16,000 jobs.

Nick Bunker, an economist at Indeed Hiring Lab, said the current economic expansion's "ability to pull more and more workers into the labor force is astounding".

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The number of new positions in January is well above expert predictions of about 165,000. That's the best in the country and is one-tenth of a point lower than the rate the month previous. The state's unemployment rate had been 2.9% in November and was 3% a year earlier in December 2018.

The overall unemployment rate in January was at 3.6% in January, a tick above the historically low trend of 3.5% in December, according to the report from the Bureau of Labor Statistics (BLS). "Benchmark revisions indicate this labor market isn't as youthful as it has pretended to be over the last two years". According to a Pew Research Center survey released Friday, 81% of Republicans and Republican-leaning independents say the economy is excellent or good.

The strong job growth gives President Donald Trump more evidence for his assertion that the economy is flourishing under his watch. Reentrants are people who previously worked but were not in the labor force prior to beginning their job search. About half the construction jobs we added in January were on the residential side. Most of the gain occurred in specialty trade contractors, with increases in both the residential (+18,000) and nonresidential (+17,000) components. The biggest downgrade to payrolls over a 12-month period since 2009 suggests job growth could significantly slow down this year. The average workweek was 34.3 hours for a third straight month in January.

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Transportation and warehousing increased by 28,000 in January.

HORSLEY: The plus side is that they are spending in online stores, and that means more jobs in warehouses and in transportation - picking up and packing up and delivering all those boxes.

"Coronavirus will definitely continue to cause some stress on global supply chains, especially in Asia, but unless we see any meaningful economic deterioration in the deficit developed world economies or in other words, the "buyers" of global production, the negative impact should be confined mainly to China". We added 44,000 construction jobs in January. There were also gains in hiring in the professional and business services, and wholesale trade industries. The sector was in a downturn in the last five months of 2019, but factory activity grew in January. The residential versus nonresidential new-jobs divide among sub-trades was nearly even, +18,000 for the former compared with +17,000 for the latter.

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