Unemployment Rate Declines in January
Friday February 3, 8:37 am ET
By Jeannine Aversa, AP Economics Writer
Payrolls Grow by 193,000, Unemployment Rate Drops in January to Lowest Since July 2001
WASHINGTON (AP) -- Employers stepped up hiring in January, boosting payrolls by 193,000 and lowering the nation's unemployment rate to 4.7 percent, the lowest since July 2001.
The fresh snapshot of the jobs climate, released by the Labor Department on Friday, suggested that the economy started the new year on fairly good footing.
ADVERTISEMENT
Although the 193,000 gain in payroll jobs in January fell short of the 250,000 new jobs that economists said to anticipate before the release of the report, it still marked a sturdy showing and was the biggest increase in jobs since November.
Moreover, job growth in December turned out to be stronger than previously thought. Revised figures showed payrolls expanded by 140,000 -- an improvement over the 108,000 new jobs first estimated a month ago. Employment was revised up for some previous months as well.
The unemployment rate dropped to 4.7 percent in January, from 4.9 percent in December.
