Report | United States Employment Update - January 2014
December saw the U.S.
economy add just 74,000 jobs, the second-lowest monthly figure recorded
throughout the recovery so far. It caps off a year that registered a
2.2-million-job expansion, unemployment falling to 6.7 percent and a more
consistent as well as geographically broadening expansion. While trade and
manufacturing were some of December’s largest winners, over the course of the
2013, the core subsectors of PBS, leisure and hospitality, retail trade and
education and health were dominant, as government continued to see small and
unstable contractions. That said, challenges still remain. Total unemployment
remains elevated at 13.1 percent, while the labor force participation rate
dropped by 20 points to just 62.8 percent. However, we expect that the recovery
will stay on course as momentum builds on a monthly basis and an increasing
number of markets see potential begin to be realized.
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