Payroll Employment Fell By 20,000 Jobs In January

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With employment in the construction industry showing a notable decrease in the month of January, the Labor Department released a report on Friday showing an unexpected drop in total employment. At the same time, the report also showed a surprise drop in the unemployment rate.

The report showed that non-farm payroll employment fell by 20,000 jobs in January following a revised decrease of 150,000 jobs in December. Economists had expected employment to edge up by 15,000 jobs compared to the loss of 85,000 jobs originally reported for the previous month.

However, the Labor Department also said that the unemployment rate unexpectedly fell to 9.7 percent in January from 10.0 percent in December. The decrease surprised economists, who had expected the unemployment rate to remain unchanged at 10.0 percent.

With employment in the construction industry showing a notable decrease in the month of January, the Labor Department released a report on Friday showing an unexpected drop in total employment. At the same time, the report also showed a surprise drop in the unemployment rate. (Market News Provided by RTTNews)