Solid US employment report in January, despite a weak payroll print

Banking, Consumers Market, Finance, HR, Jobs, Markets, Reports, Statistics, Stock Markets — By on February 8, 2016 at 10:38 AM
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Global Economic & Market Outlook – Focus Notes (Monday, February 8, 2016)

Solid US employment report in January, despite a weak payroll print

US nonfarm payrolls increased by a lower-than-expected 151k probably due to the unusually mild winter weather, while the respective figure for December was revised downwards from 292k to 262k (Figure 1). With the US economy approaching full employment, some payback in employment gains seems inevitable. Even after taking the weaker-than-expected January figure into account, non-farm payrolls have increased by a hefty 215k on average over the last six months. The January’s deceleration in payroll growth was led by the services sector, which reported the slowest pace of employment gains over the past 10 months (+118k from +197k in the prior month). Some of the weakness in January’s establishment report can be attributed to seasonal factors, as employment in several services categories, such as transportation and warehousing, contracted in January of previous years as well. Elsewhere, manufacturing employment continues to increase albeit at a slow pace, despite the weak manufacturing activity data in recent months….

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