Employment fell by just 20,000 jobs in January, according to today's preliminary report from the Bureau of Labor Statistics. Consensus estimates had predicted no change. The largest job losses were in construction and transportation and warehousing, while temporary help and retail trade both added jobs. The economy has shed 8.4 million jobs since the start of the recession in December 2007.
Along with the preliminary report for January, the BLS issued its Final Estimate of job losses for November at a gain of 64,000 jobs, up 60,000 from its revised estimate of 4,000. It lowered its December preliminary estimate down 65,000 jobs for a revised loss of 150,000 jobs. One more revision for December may still occur. These revisions were also affected by Annual Benchmark Revisions, which restate the history of US employment.
The unemployment rate unexpectedly fell from 10.0 to 9.7 percent; consensus estimates had expected it to climb slightly to 10.1 percent.
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