WASHINGTON — The economy likely produced another solid month of hiring in January, a promising start for 2012.
Economists forecast that employers added a net 155,000 jobs last month and that the unemployment rate remained 8.5 percent for a second straight month, according to a survey by Factset.
The unemployment rate has fallen for four straight months. It's at its lowest level in nearly three years.
A gain of 155,000 jobs would be down slightly from December, when employers added a net 200,000. Still, it would mark the seventh straight month in which at least 100,000 jobs have been added. That hasn't happened since 2005.
On Friday, the government will also issue its annual revisions to earlier jobs figures. The revisions are expected to show that hiring was stronger over the past two years than previously thought. The government has said the economy added about 1.6 million jobs last year, nearly twice as many as in 2010.
Even with the gains, the job market faces a long way back to full health. The nation has about 6 million fewer jobs than it did when the recession began in late 2007.
And analysts expect seasonal layoffs to weigh on the January job figures. The government, for example, reported a big gain in the number of courier and messenger jobs in December. That largely reflected hiring by delivery services, such as UPS and FedEx, which bulked up to handle online holiday sales. Most of those jobs were probably lost last month.
Still, several reports signaled this week that the economy is improving gradually. Manufacturers expanded at the fastest pace in seven months in January, a private survey showed.
And fewer people sought unemployment benefits last week, the Labor Department said. The four-week average of applications fell to its second-lowest level since June 2008. The drop shows that companies are cutting fewer jobs, which usually leads to more hiring.
Americans spent more at big chain retail stores last month compared with a year earlier. And automakers began 2012 with a strong sales gain in January. Healthier auto sales can boost a range of companies, from steel makers to parts suppliers to shippers.
The economy expanded at a 2.8 percent annual pace in the October-December quarter, a full percentage point higher than in the previous quarter.
Even so, economists expect slower growth this year. Much of the fourth quarter's expansion was due to companies ordering more goods to restock their warehouses. Restocking is likely to slow in the first three months of this year. That would drag on growth.
Europe's financial crisis could also slow demand for U.S. goods. And average wages failed to keep up with inflation last year. That leaves consumers with less spending power, which can hamper growth.
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Comments » 18
Beachglow writes:
Don't believe these figures either. Are they just made up to make everybody feel better?
American Airlines is laying off 15,000, and I saw another 6700 being laid off in a tech firm this week. PLEASE.
We Americans are NOT stupid.
cman writes:
House repubs have had majority for 2 years and not one jobs bill? Remember their promise? It's all about jobs stupid.
If the republicans would work with the dems rather than sling mud we could be making even more progress.
We are America the greatest Country in the world. Act like it.
Naplesbuckeye writes:
Only the AP would use an adjective like "solid" while carrying Obama's water.
IMSufrin writes:
The Job Fair is to the right - the people pictured are in the Unemployment/Welfare Line.
DonkeyWhispererakaDuh_novan writes:
its been a year and 2 months - election are in November of 2010 not January- wait if your going to vote for Obama again wait until next January.
IMSufrin writes:
LOL! This is how these idiots dress for a JOB FAIR?? Like they're gonna go turkey hunting or do some yard work?? Only the kid at the back of the line gets it.
furball writes:
CMAN. the CBO came out and gave the truth....the outlook into 2012 is DISMAL. The growth is anemic and unemployment won't change much, so stop the political spin. We are also piling on another trillion and a half debt. YIPEE we are on the road to recovery. REALLY?
I guess you believe the moon is made of cheese.
roadhouse writes:
The economy is getting better. And notice that it has gotten better since the Republicans have taken over the House in 2010.
How about your Dems? They took over the House and Senate in 2006 and remained in control through 2010. What happened to the economy during that time?
The American Public elected a Majority of Republicans in the House. Apparently they were fed up with Democratic control and wanted to put a stop to it, which they did. The Constitutional system of checks and balances is working EXACTLY as it was designed. The people have "checked" the misguided policies of Pelosi, Reid, and Obama.....
marty99919 writes:
Hey cman. The republicans have a number of jobs bills that they cant get out of committee because the dems have blocked them from coming to the floor. But regardless, both the Dems and Repubs are not doing this county any good and they all need to go.
BTW, it seems you are a bit misinformed about all of this. Government cannot create jobs so any jobs bill would be a complete worthless joke anyways. The current problem is that government is putting itself in the way of jobs by creating more laws (Obamacare among, many others), threatening more taxes, and basically creating a hostile environment pitting the poor against the wealthy. Nobody wants to hire or invest in this atmosphere.
This government is spending its way to bankruptcy and soon the money presses will not be able to print enough money to pay the interest on the debt that these fools in DC created without severely undermining the US currency.
$10/gallon gas, $15/Gallon Milk. Dont think it can happen? Go ask any Brazilian that lived through that countries hyper-inflation. It is too late to correct the mistakes our government has made by kicking the can down the road for decades. It is both parties fault. This country has not seen anything yet and it doesn't really matter who is elected next election...
cman writes:
Up 240k jobs
marty99919 writes:
Incidentally, like others have commented as well, this story is a joke and puts so much spin on the numbers it should make you dizzy.
Golden_Gate_Mistakes writes:
Do you always copy and paste George Soros' Media Matters talking points in comment sections?
House Republicans took majority control in January 2011. They have been in power for 1 year and 1 month. How's that liberal math and political history education working for ya?
We had two full years of Democrat controlled Executive and legislative branches. Democrats passed numerous "jobs bills" which created zero jobs, but cost the taxpayers $1 trillion dollars (Stimulus bill) American Recovery and Reinvestment Act of 2009. The money went to grow and retain government union employee jobs and loans to bankrupt crony capitalist companies that donated to Obama's campaign. Zero went to shovel ready jobs as Obama, Pelosi and Reid promised. President Obama gave $500 million to a failing and now bankrupt solar energy company. White House records show they knew Solyndra was financially close to collapse due to a lack of interest, sales and mismanagement of funds PRIOR to the loan that will never be paid back to taxpayers.
The House Republicans have sent the Democrat controlled Senate 25 jobs bills. The Democrat Senate tabled every one of them. That means they threw them in the garbage can. Democrat Senator Reid has not generated a Senate budget bill in over 1,000 days. The Senate is required to work with the House to create bills and work them out in committees. The Democrat controlled Senate refuses to do anything. The Democrat Senate only offers "emergency budget extensions" to hold off government shutdowns.
Obama just trashed the Keystone Pipeline after 7 years of environmental studies showed it was good to go. That would have created 20,000 jobs and 200,000 permanent jobs related to the oil being produced into thousands of products. Not to mention lower gas prices. Money spent on Canada and not your terrorist friends in the MidEast. Obama trashed off shore drilling in the Gulf which sent 40,000 high paying jobs to other parts of the world.
cman, I know your only history lesson was how beautiful the communist political systems work, but it doesn't work in the real world. It harms humans and actively kills them.
I hope you feel humiliated like every other liberal. You should.
bittare1#255045 writes:
Compare the amount of JOBS LOST first to the amount of JOBS GAINED. I just LOST my job after almost 6 yrs...so guess what? Someone else GAINS it (at a lower salary of course)!
nativeonepointone writes:
While those numbers are real, and not positive by any stretch of the imagination, the American labor market cannot be represented by an single airline company or a single tech firm.
This American is not that stupid.
PAREIDOLIA writes:
Unemployment is really only about three and half percent; because we usually have about five percent unemployed at any given time anyway.
-So the number 8&1/2 is not as bad as it sounds.
That's why the tourist areas are still booked well in advance, the snow birds still come, the malls are still crowded, the food is still flying off the super market shelves, and the restaurants are still crowded.
Someone should tell Limbaugh, Hannity, Lou Dobbs and Fox News to LOOK OUT THE WINDOW.
NeezDutz writes:
Don't expect a response. I'm sorry for your job loss. hopefully something better will come along and you can make a step up.
This is what people aren't realizing. On a non-right wing channel this morning...the report was. 4million jobs lost. 4.1 million gained. not good
Lemme writes:
The republicans do not want good news regarding the economy and jobs. They want the ecomony to continue to sink so they can blame OBAMA. Just read their posts.. SAD!
OBAMA 2012~
cman writes:
The electorate does not believe your garbage anymore. We will have four more years, gains in the house and holding the senate. Florida the swing state will again be blue.
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