Companies pulled way back adding jobs in January as the reality of the Biden presidency took hold in the American economy. The Trump economy is no more, as the new administration killed tens of thousands of jobs with the stroke of a pen during week one.
The oil industry, and America’s energy independence, was massively damaged with the cancellation of the Keystone Pipeline and other measures.
Following last month’s dismal unemployment print, which saw the first contraction since April in December payrolls, expectations were high for a solid rebound in January – maybe too solid – and unfortunately while jobs did grow in January, the final number of +49,000 came in well below the 105K consensus estimate, if up solidly from December’s downward revised -227K, with revisions subtracting a total of 159K jobs from the past two months, reported Zero Hedge.
Nonfarm Payrolls (Jan) printed at 49k vs consensus estimate of 50k.
Goods and Services Trade Balance (Dec) printed at -$66.6B vs -$65.7B estimate.
Average Hourly Earnings (YoY) (Jan) printed at 5.4% vs 5.1% estimate.
Average Weekly Hours (Jan) printed at 35 vs 34.7 estimate.
Goods Trade Balance (Dec) printed at -&82.4B.
Labor Force Participation Rate (Jan) printed at 61.4%.
Average Hourly Earnings (MoM) (Jan) printed at 0.2% vs 0.3% estimate.
U6 Underemployment Rate (Jan) printed at 11.1%.
Unemployment Rate (Jan) printed at 6.3% vs 6.7% estimate.