BULL RUN? UNEMPLOYMENT RATE BACK UP TO 7.9%, 8.5M More Americans Left Labor Force 4 Year Ago, Another 170,000 Disappeared In January, Retail Workweek Hits 3-Year Low, Gas Prices To Top $4 Again
The new year started off with an old story: Employment grew again in January but not at a pace able to lower the jobless rate.
Nonfarm payrolls rose 157,000 for the first month of 2013 while the unemployment rate edged higher to 7.9 percent, news unlikely to alter the Federal Reserve’s monetary policy or instill confidence that the recovery is gaining steam.
Economists were looking for 160,000 net new jobs created with the unemployment rate holding steady at 7.8 percent.
Lost in these headline numbers was another rise in the number of people not in the labor force.
This number now stands at a staggering 89 million, up from 80.5 million when President Obama took office.
This means that there are currently 8.5 million more Americans not in the labor force than just four years ago.
BLS labels people who are unemployed and no longer looking for work as “not in the labor force,” including people who have retired on schedule, taken early retirement, or simply given up looking for work. There were 89 million of them last month.
The fly in the ointment of January’s jobs report was the apparent shift to part-time work ahead of a key ObamaCare deadline.
Although retail payrolls grew by 32,600, total hours worked in the industry dipped, Labor Department data out Friday showed.
The explanation? Rank-and-file retail workers logged the shortest workweek since early 2010: just 30.1 hours, on average, vs. 30.4 in December.
Remarkably, aggregate hours worked in the retail sector fell below their January 2012 level, even though industry payrolls are up 200,000 over that period.
CHICAGO (CBS) – Hold on to your wallets: we are in the middle of a gas price spike, and experts say it will only get worse.
CBS 2?s Courtney Gousman learned several factors might push the price in our area to more than $4 a gallon.
It’s now become a task most people dread — pulling up to the pump.
“I never know depending on the day,” said motorist Carrie Secrist.
“It’s no fun at the pump,” said driver Veta Charles.