Posted To: MBS Commentary

20,000 jobs were lost in January according to the Bureau of Labor Statistics. The unemployment rate fell from 10.0% to 9.7%. This will surely grab headlines… JAN NONFARM PAYROLLS -20,000 (CONSENSUS +5,000) VS DEC -150,000 (PREV -85,000) JAN JOBLESS RATE 9.7 PCT (CONS 10.1 PCT) VS DEC 10.0 PCT (PREV 10.0) JAN AVERAGE HOURLY EARNINGS +0.3 PCT (CONS +0.2) VS DEC +0.2 PCT, TO $18.89 VS DEC $18.84 JAN YEAR-ON-YEAR AVERAGE HOURLY EARNINGS +2.5 PCT JAN AVERAGE WORKWK 33.3 HRS (CONS 33.2) VS DEC 33.2, FACTORY 40.8 VS 40.6, OVERTIME 3.5 VS 3.4 JAN GOODS-PRODUCING JOBS -60,000, CONSTRUCTION -75,000 JAN SERVICE-PROVIDING JOBS +40,000, RETAIL +42,000, GOVT -8,000, CENSUS ADDED 9,000 TEMPORARY JOBS JAN AGGREGATE WEEKLY HOURS INDEX +0.3 PCT VS DEC UNCH NOV NONFARM PAYROLLS REVISED TO +64,000 FROM +4,000…(read more)