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The U.S. economy added another 113,000 jobs in January, representing a second consecutive month of below-average payroll growth. Unemployment fell by 10 basis points, reaching a recovery low of just 6.6 percent, while total unemployment edged closer to the 10-year age; however, it still remains elevated at 12.7 percent. Although gains have not consistently met or exceeded the 200,000-job monthly threshold for sustained expansion, growth has been broadening in both industry and geography. Construction dominated monthly gains, while year-on-year growth was aided by growth across core industries, such as PBS, education, health, leisure, hospitality and retail. At the metro level, geographies across the United States have begun to see 2.0+ percent year-on-year increases, although Silicon Valley and Texas continue to lead. Finally, revisions demonstrated that the recovery of late has been more consistent than previously thought, leading to monthly additions 3.9 percent higher in 2013 than in 2012.
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Sunday, February 09, 2014