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		Home Page Mortgage News You Can Use Job Growth in January Disappoints Friday February 6, 9:11 am ET By Anna Willard WASHINGTON (Reuters) - The U.S. economy created just 112,000 new jobs in January, far fewer than expected, government data showed on Friday in a disappointing report that will likely weigh on President Bush's re-election campaign. The fifth straight monthly gain in payrolls outside farming followed a revised increase of 16,000 new jobs in December, the Labor Department said. The unemployment rate ticked down to 5.6 percent, the lowest since January 2002, from 5.7 percent the previous month -- but those numbers are taken from a separate, smaller, survey. Analysts had been expecting the improving economy to create 150,000 new jobs in January. They were looking for the unemployment rate to hold steady at 5.7 percent. "The payrolls number was well below market expectations and confirms the jobs market in the U.S. is weak," said Daniel Tenengauzer, vice president for foreign exchange at Lehman Brothers. The dollar and stock futures fell after the report and Treasury bond prices rose. Financial markets hopes for a healthy report were boosted on Thursday when Federal Reserve Governor Ben Bernanke said he was "pretty confident" there would be an improvement in employment in the near future. A revival in the jobs market is seen as crucial for a sustained economic recovery. The Federal Reserve is expected to keep interest rates on hold until signs of this emerge. "These numbers will not change the Fed's thinking," said Rick Egelton, deputy chief economist, BMO Financial Group. "The Fed is on hold for the time being." JOB ISSUE LOOMS IN ELECTION The weak labor market is expected to be a major issue between candidates in the presidential race. Bush's opponents say his economic policies have helped the wealthy and done little to create new jobs. Many of the new jobs in January came from a 76,000 increase in the retail sector. The Labor Department said that because some retailers took on fewer employees than expected in November and December, they did not shed as many after the holiday season, according to the seasonal adjustment factors in the report. The troubled manufacturing sector cut jobs for the 42nd month in a row, despite some signs of a revival in factories seen in other economic data. The report included annual benchmark revisions but these did not lead to a major change in the overall picture of a weak jobs market. The Labor Department also defended the accuracy of the employment count based on its survey of payrolls, disputing criticism the poll fails to capture jobs created by new businesses. One bright spot in the report was a 24,000 increase in construction jobs. Low mortgage rates have helped to fuel a housing boom. In another encouraging sign for job seekers, hours of work rose to 33.7 from 33.5 in December. Employers often increase the work of existing employees when they are considering taking on new hires. Average hourly earning also rose to $15.49 from $15.47 the previous month.     Back to Original Article: Mortgage News You Can Use   Continue with: US Jan payrolls and unemployment January Jobless Rate Fell to 5.6%; Payrolls Rose 112,000 Index of US economy slips but growth higher-report Soft US job market seen postponing day of Fed hike This Fed Heeds No White House G-7 finance chiefs to consider currencies, deficits Mortgage rates don't move much Treasuries Fall on Fed Gov's Optimism Rising rates not all bad for investors AP poll shows drop in consumer confidence Tokyo stocks end down; dollar up vs. yen Treasuries Up, Job Famine Keep Rates Lean France's Mer says G7 must alter message on currency US again outshines euro zone in key OECD indicator Fannie, Freddie to Lose Free Advances From Fed Unemployment Rate Falls to 5.6 Percent Much of World Skeptical of Bush's Budget U.S. Adds 112,000 Jobs, Less Than Expected; Unemployment Is 5.6 Percent Mortgage rates increase again Retailers report robust January sales Interest Rise Good News for Landlords? Staring down debt Bush budget an eternal mortgage How to deduct a boat loan during the tax season Home refinancings fall to 18-month low New Fed Policy To Change Housing GSEs' Cash Use
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