After the U.S. economy added only a disappointing 74,000 jobs in December, the worst month of job creation in three years, economists expected the U.S. Bureau of Labor Statistics on Friday to report substantial improvement in January.
Well, the 113,000 jobs added last month certainly represents an improvement from December. But such job growth is far from substantial. The consensus of economists surveyed by Bloomberg ahead of Friday’s report was 180,000 jobs.
Some blamed the weak jobs number on January’s frigid weather in much of the nation.
Polar vortex or not, January marked an unhappy milestone for the nation’s jobless – exactly six years since the economy reached the peak number of jobs, as Businessweek pointed out.
Some 8.7 million jobs were lost during the so-called Great Recession of 2007-09. And in January, some four and half years after recession ended and the Obama recovery began, the U.S. was still nearly 1 million jobs shy of where it was six years ago. [Read more...]