U.S. Payrolls Rise Less Than Forecast


Total nonfarm payroll employment increased only by 113,000 in January. Job gains occurred in construction, manufacturing, wholesale trade, and mining while retailers and government agencies cut payrolls.

Construction added 48,000 jobs over the month, more than offsetting a decline of 22,000 in December. In January, job gains occurred in both residential and nonresidential building +13,000 and +8,000, respectively) and in nonresidential specialty trade contractors (+13,000). Heavy and civil engineering construction also added 10,000 jobs. 

Employment in manufacturing increased in January (+21,000). Over the month, job gains occurred in machinery (+7,000), wood products (+5,000), and motor vehicles and parts (+5,000). Manufacturing added an average of 7,000 jobs per month in 2013.

In January, wholesale trade added 14,000 jobs, with most of the increase occurring in nondurable goods (+10,000). Mining added 7,000 jobs in January, compared with an average monthly gain of 2,000 jobs in 2013.

Employment in professional and business services continued to trend up in January (+36,000). The industry added an average of 55,000 jobs per month in 2013. Within the industry, professional and technical services added 20,000 jobs in January. 

Employment in retail trade changed little in January (-13,000). Within the industry, sporting goods, hobby, book, and music stores lost 22,000 jobs, offsetting job gains in the prior 3 months. In January, motor vehicle and parts dealers added 7,000 jobs.

The change in total nonfarm payroll employment for November was revised from +241,000 to +274,000, and the change for December was revised from +74,000 to +75,000. With these revisions, employment gains in November and December were 34,000 higher than previously reported.

U.S. Payrolls Rise Less Than Forecast


BLS | Nuno Fontes | nuno@tradingeconomics.com
2/7/2014 1:41:51 PM