Posted on 02/07/2020 5:47:22 AM PST by Oldeconomybuyer
WASHINGTON - U.S. job growth accelerated in January, with unseasonably mild temperatures boosting hiring in weather-sensitive sectors, indicating the economy will probably continue to grow moderately despite a deepening slump in business investment.
The Labor Department’s closely watched monthly employment report on Friday, however, showed the economy created 514,000 fewer jobs between April 2018 and March 2019 than originally estimated. The biggest downgrade to payrolls over a 12-month period since 2009 suggests job growth could significantly slow down this year.
Nonfarm payrolls increased by 225,000 jobs last month, with employment at construction sites increasing by the most in a year amid milder-than-normal temperatures, the government’s survey of establishments showed. There were also strong gains in hiring in the transportation and warehousing industry.
Economists polled by Reuters had forecast payrolls would rise by 160,000 jobs in January. Data for November and December was revised to show 7,000 more jobs created than previously reported. But employment gains are expected to slow in February as the coronavirus, which has killed hundreds in China and infected thousands globally, disrupts supply chains, especially for technology companies such as Apple.
(Excerpt) Read more at reuters.com ...
Let’s give all the credit to the weather. I can’t imagine what else could be helping the economy …
I remember when the Soviet Union had bad weather between 1917 and 1989. It really hurt their wheat production. But then the weather got better.
Reuters really is pathetic.
Reuters: In a two-man race including a winner American, they’d say he came in “second to last.”
Media lickspittles.
Any time you need a crap sandwich just pull out a Reuters article. I ll take a little contempt on the side....
So mild weather due to climate change is a good thing? Hmmmm.
Check out this story which ran in August of 2019 and compare it with the piece Reuters came out with today. Note that Reuters piece is simply a rehash of a story which ran almost 6 months ago and is simply a revision of the total from August of last year.
Aug. 21, 2019
Employers added a half-million fewer jobs in 2018 and early 2019 than previously reported, the Labor Department said Wednesday.
The revisions, which are preliminary, are part of an annual process in which survey-based estimates are brought into alignment with more definitive data from state unemployment insurance records. Wednesday’s revision covers the period through March; final updates, which will include the rest of 2019, will be released in February.
Of course the surge will begin to ebb.
It can’t go on forever at this rate.
Repetitions that it’s an employees market. That employers are finally competing for workers.
Because of that situation, job growth has shifted towards wage increases.
Mild weather my butt...
Had a tornado sweep thru the neighborhood yesterday. Multiple trees down, some on houses.
Darn global climate warming change.
Who knew that good weather created construction jobs.
Unexpected?
for.later
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