Employment Jumps; Rate 8.3%, 243,000 New Jobs Created
The pace of job creation surged in January, with the US economy generating 243,000 new positions while the unemployment rate dropped to 8.3 percent, according to government data released Friday.
Both numbers were far better than consensus, which expected a growth of 150,000 jobs and a steady unemployment rate of 8.5 percent.
Stock market futures jumped on the report, indicating a positive opening on Wall Street. Treasury yields also moved sharply higher on the news.
The overall work week remained unchanged at 34.5 hours while wages rose an average of four cents an hour to $23.29.
Job growth remains one of the two missing pieces of the recovery puzzle, even though the rate has been on a steady trek lower.
In December, the economy created 200,000 jobs and the unemployment rate slipped to 8.5 percent, well off its 10.1 percent cycle peak. Yet progress remains slow.
Job gains have been concentrated primarily in the service sector, particularly in retail and the food and beverage industries. Warehousing, manufacturing, mining and health care also have participated.
Treasury receipts are growing at a pace reflecting both slow job creation and low wage increases.
The monthly jobs report generally draws considerable trader reaction, which as of late has been all negative.
The Standard & Poor's 500 has fallen the last eight months on the first Friday of the month when the nonfarm payrolls account is released. This has been true even when the market beats expectations, with the index averaging a decline on the 10 strongest performance against expectations since 1998, according to Bespoke Investment Group.
The pace of job creation surged in January, with the US economy generating 243,000 new positions while the unemployment rate dropped to 8.3 percent, according to government data released Friday.
Both numbers were far better than consensus, which expected a growth of 150,000 jobs and a steady unemployment rate of 8.5 percent.
Stock market futures jumped on the report, indicating a positive opening on Wall Street. Treasury yields also moved sharply higher on the news.
The overall work week remained unchanged at 34.5 hours while wages rose an average of four cents an hour to $23.29.
Job growth remains one of the two missing pieces of the recovery puzzle, even though the rate has been on a steady trek lower.
In December, the economy created 200,000 jobs and the unemployment rate slipped to 8.5 percent, well off its 10.1 percent cycle peak. Yet progress remains slow.
Job gains have been concentrated primarily in the service sector, particularly in retail and the food and beverage industries. Warehousing, manufacturing, mining and health care also have participated.
Treasury receipts are growing at a pace reflecting both slow job creation and low wage increases.
The monthly jobs report generally draws considerable trader reaction, which as of late has been all negative.
The Standard & Poor's 500 has fallen the last eight months on the first Friday of the month when the nonfarm payrolls account is released. This has been true even when the market beats expectations, with the index averaging a decline on the 10 strongest performance against expectations since 1998, according to Bespoke Investment Group.
