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Thursday, February 21, 2019 2:58:12 AM EST

Nonfarm Payrolls Updated 01-Feb-19 09:26AM ET
There is a lot to take in with the January employment, including annual benchmark revisions, the effect of the partial government shutdown on the results for the Household Survey, and a rising labor force participation rate that speaks well of the growing confidence in finding a job.

January nonfarm payrolls increased by 304,000 ( consensus 160,000). December nonfarm payrolls revised to 222,000 from 312,000. November nonfarm payrolls revised to 196,000 from 176,000.

January private sector payrolls increased by 296,000 ( consensus 160,000). December private sector payrolls revised to 206,000 from 301,000. November private sector payrolls revised to 200,000 from 173,000.

January unemployment rate was 4.0% ( consensus 3.9%) versus 3.9% in December. Persons unemployed for 27 weeks or more accounted for 19.3% of the unemployed versus 20.5% in December. The U6 unemployment rate, which accounts for unemployed and underemployed workers, was 8.1% versus 7.6% in December.

January average hourly earnings were up 0.1% ( consensus +0.2%), after increasing 0.4% in December. Over the last 12 months, average hourly earnings have risen 3.2%, versus 3.3% for the 12 months ending in December.

The average workweek in January was 34.5 hours ( consensus 34.4), unchanged from December.  Manufacturing workweek decreased by 0.1 hour to 40.8 hours. Factory overtime decreased by 0.1 hour to 3.5 hours.

The labor force participation rate was 63.2% in January versus 63.1% in December.

The key takeaway from the January report is that, even with revisions that reduced total job gains in November and December by 70,000, job gains have averaged a solid 241,000 per month over the last three months, offering some data-based justification to think this economic expansion has more room to run with consumer spending providing support.
Establishment Survey
Nonfarm Payrolls304K222K196K277K108K
Retail Trade21K-12K33K-10K-26K
Temporary help1K8K1K14K14K
Average Workweek34.534.534.434.534.5
Production Workweek33.733.733.733.733.7
Factory Overtime4.
Aggregate Hours Index0.3%0.5%-0.2%0.3%0.0%
Avg Hourly Earnings0.1%0.4%0.3%0.2%0.3%
Household Survey
Household Survey
Civilian Unemp. Rate4.0%3.9%3.7%3.8%3.7%
Civilian Labor Force-11K419K127K639K253K
Civilian Employed-251K142K221K513K465K
Civilian Unemployed241K276K-94K126K-211K