Friday – February 1, 2019
The Bureau of Labor Statistics reported that 304,000 jobs were created in January as the labor market continues to remain on very solid ground. However, there was a large 70,000 downward revision for November and December. But even with that, the three-month job creation average is at a strong 240,000.
The Unemployment Rate ticked up to 4% from 3.9% while the Labor Force Participation Rate rose to 63.2%, the highest since August 2013. Average hourly earnings rose 0.1% from December and up a solid 3.2% year-over-year, which matches the annual December reading. Total unemployed, or the U6 number, rose to 8.1% from 7.6%. Overall, this is another solid report.
Manufacturing activity across the U.S. remained strong in January while the U.S. economy grew for the 117th consecutive month. The ISM Manufacturing Index came in at 56.6 in January, above the 53.6 expected. The report read that continued expanding business strength was supported by strong demand and output.
Courtesy of Mortgage Market Guide