Market Insight February 2021

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February 7, 2021 No comments

January Jobs Report: Economy Added 49,000 Payrolls As Unemployment Rate Dropped To 6.3%

The U.S. economy resumed adding back more jobs than it lost in January, as easing stay-in-place restrictions and fiscal stimulus measures out of Washington alleviated some of the pressure on the labor market. However, the number of jobs regained fell short of expectations. 

• Non-farm payrolls: +49,000 vs.+ 105,000 expected and a revised -227,000 in December
• Unemployment rate: 6.3% vs. 6.7%expected and 6.7% in December
• Average hourly earnings, month-over-month: 0.2% vs. 0.3% expected and a revised 1.0% in December
• Average hourly earnings, year-over-year: 5.4% vs. 5.0% expected, 5.1% in December

Other measures in the December jobs report had hinted at a tentative firming in labor market conditions. The number of so-called permanent job losers decreased by 348,000 to 3.4 million at the end of last year, albeit while still holding 2.3 million higher than from February 2019.

Source: YahooFinance, 02.05.2021

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