Employment in the private sector continues to outpace overall gains made in the U.S. economy, Bureau of Labor Statistics (BLS) reported last month. However, the number of jobs added in January 2014 fell short of economists’ projections.
Economists said the U.S. economy is poised for another slowdown after 113,000 jobs were added in January, short of economists’ projections of 180,000 new positions.
The unemployment rate in January was 6.6 percent, compared with 6.7 percent in December, BLS stated in its monthly report. Employment in the private sector continues to outpace the overall gains, with 142,000 positions created last month and positive revisions of 48,000 jobs, the report added.
"The U.S. economy's recovery continued in the first month of 2014 — 142,000 new jobs created in the private sector and 113,000 overall,” stated U.S. Secretary of Labor Thomas E. Perez in a released statement.
The government at all levels laid off 29,000, whereas manufacturing had a gain of 21,000jobs and employment in construction jumped by 48,000.
In addition, 1,800 jobs were created in the oil and gas extraction sector last month. This category added 11,800 positions for 2013, about the same with the year prior, according to the BLS. As for support activities for oil and gas extraction category, the sector created 2,600 jobs in December (delayed one month). Around 16,700 jobs were created in support activities for the industry in 2013.
Overall, oil and gas employment reached 28,500 positions for 2013.
January was the 47th consecutive month of private-sector job growth, with 8.5 million new jobs over that period. The unemployment rate (6.6 percent) maintained its downward trend, reaching its lowest level since October 2008.
Perez noted that President Obama isn't satisfied with a modest recovery. “In his State of the Union address 10 days ago, he laid out an agenda that would quicken the pace of economic growth and job creation, an agenda based on the principle of opportunity for all,” Perez commented. Through hard work, anyone should be able to succeed in America, to realize their dreams and secure a foothold in the middle class.”
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