Trump’s First Payroll Report: 227K Surge In Jobs, But Earnings Disappoint; Unemployment Rate Ticks Higher
by Tyler Durden
ZeroHedge.com
Feb 3, 2017
Donald Trump’s first official economic report has started off on the right foot, with the BLS reporting that some 227K jobs were added in January, far above the 175K expected, and in line with the ADP number.
he change in total nonfarm payroll employment for November was revised down from +204,000 to +164,000, and the change for December was revised up from +156,000 to +157,000. With these revisions, employment gains in November and December combined were 39,000 lower than previously reported.
Offsetting the headline surge in jobs was a disappointment in the average hourly earnings which rose a tepid 0.1% , below the 0.3% expected, and below the downward revised December 0.2% (from 0.4%) despite January being the month in which minimum wage hikes took place across 19 states.
On the year, average hourly earnings rose by 2.5%, the weakest annual growth since August. In January, average hourly earnings of private-sector production and nonsupervisory employees increased by 4 cents to $21.84.
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