Economics
U.S. Jobs Report Disappoints Even as Unemployment Rate Falls
- Employment increases just 49,000 with broad industry setbacks
- Unemployment rate declines and weekly hours worked jumps
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The recovery in the U.S. labor market disappointed for a second month in January with only modest job growth, highlighting the persistently difficult prospects for millions of unemployed and bolstering calls for more stimulus.
Nonfarm payrolls increased by just 49,000 after a downwardly revised 227,000 December decrease, according to a Labor Department report Friday. The jobless rate fell to 6.3%, reflecting a pickup in the number of employed and more people having left the workforce.