The January jobs report was not as frosty as economists had predicted. According to figures released by the Labor Department, the African-American unemployment rate dipped again from 10.4 percent in December to 10.3 percent. The national unemployment rate, however, rose slightly to 5.7 percent from 5.6 percent.
In really good news, the economy 257,000 jobs and average hourly earnings rose by 0.5 percent. ADP in its monthly report on employment trends had predicted just 213,000 new jobs. In addition, the Labor Department revised its December report from 252,000 to 329,000 jobs.
"Employment posted another solid gain in January, although the pace of growth is slower than in recent months," said Moody's chief economist Mark Zandy, who helps prepare the ADP report. "Businesses in the energy and supplying industries are already scaling back payrolls in reaction to the collapse in oil prices, while industries benefiting from the lower prices have been slower to increase their hiring. All indications are that the job market will continue to improve in 2015.
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