Economy Adds 257,000 Jobs in January

The economy added 257,000 jobs in January and the unemployment rate ticked slightly up to 5.7% from December’s 5.6%, according to figures released this morning by the U.S. Bureau of Labor Statistics.

The number of long-term unemployed (those jobless for 27 weeks or more) was unchanged from December at 2.8 million, but the median duration of unemployment went up, because of a rise in the share of workers unemployed more than 15 weeks. So, those who have returned to the labor market still find it hard to find work.

AFL-CIO Chief Economist William E.  Spriggs said 2014 was the best year for job growth since the 1990s, and America is experiencing a record number of consecutive months of private-sector job growth. But he added:

In 2014, workers’ wages barely outpaced inflation, increasing only 2.1%. In fact, throughout the recent economic expansion, workers’ wages have stayed the same. If you adjust for inflation, median weekly wages for full-time workers are stuck where they were in 2011.That’s a big problem, because those are workers in their prime who are holding steady jobs.

Last month’s biggest job gains were in retail trades (46,000), construction (39,000), health care (38,000), food services (35,000), professional and technical (33,000), financial activities (26,000) and manufacturing (22,000).

Employment in other major industries, including mining and logging, warehousing, transportation, information and government, showed little change over the month.

Among the major worker groups, the unemployment rates in January for teenagers increased to 18.8% from 16.8%. The jobless rate for adult women (5.1%), adult men (5.3%), blacks (10.3%), Latinos (6.7%) and whites (4.9%) showed little change in January from December.

Reposted from AFL-CIO NOW

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