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Unemployment Rate Dips to 9.7%
Employers shed 20,000 jobs in January, but the unemployment rate dipped to 9.7% from 10%, the Labor Department reported, a sign that the job market is coming to life. The job cuts followed 150,000 job losses in December and an upwardly revised gain of 64,000 jobs in November. The economy has shed 8.4 million jobs since the recession began in December 2007. The services sector added 40,000 in January, which included a rise in federal government employment, partly as a result of hiring for the 2010 Census. Temporary help jobs increased 52,000 last month, while manufacturing payrolls increased 11,000, the first gain since January 2007. Retailers added 42,100 jobs, the most since November 2007. However, the construction sector continued to bleed, losing 75,000 jobs, partly due to unusually cold weather. In another sign of labor market improvement, the average workweek grew to 33.3 hours, the highest level in a year, from 33.2 hours in December.
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Date Last Updated: 02/12/2010
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