The U.S. economy added 113,000 jobs in January 2014, a small improvement over the results of December 2013. The number of jobs created fell well below forecasters’ predictions of 185,000 jobs. Despite this number there is good news in today’s data release, along with other factors that has encouraged the major financial markets.
The national unemployment rate dropped from 6.7% to 6.6%, the lowest it has been since late 2008.
Wage gains improved by 0.3%.
The service Index (non manufacturing firms) for the Institute for Supply Management (ISM) index climbed to 54% last month from 53% in December. Readings over 50% indicate more companies are expanding instead of shrinking.
Job categories that showed major gains include:
Manufacturing at 21k
Construction at 48k
Professional and Business Services at 36k
Through our day-to-day contact with clients and participation in various industry and trade groups, we are pleased to say that most anticipate adding jobs and hiring talent through much of Q1 and Q2 2014.