January Jobs Report Good, Looking Better
The January jobs report came out this morning and the conclusion: it’s a brand new year, folks. Payrolls are up by 243,000 jobs and unemployment is down to 8.3 percent. Believe it or not, it gets even better.
Manufacturing added 50,00 jobs while professional and business services added 70,000. Health care added 33,000 and leisure and hospitality added 50,000. Roughly translated, these are permanent hires, not seasonal which bodes well for continued economic expansion.
The revised numbers for November and December look good as well and, when taken with January’s numbers show 303,000 new jobs added from November-January.
There remain a few points of weakness, though. The public sector lost another 14,000 jobs and while this report reflects 23 straight months of job growth, it still shows we’ve got a ways to go in improving the jobs outlook for the long-term unemployed.
The report contradicts earlier predictions of a soft start to 2012 quite forcefully and suggests that we are indeed in a recovery, no matter what the Republicans might think.
Photo from Fort Rucker via flickr.