Unemployment Hits 3-Year Low as Nonfarm Sector Adds 243,000 Jobs in Jan.
Payrolls rose more than expected in January, leading to a favorable move in U.S. unemployment.
New data from the U.S. Department of Labor Friday showed the addition of 243,000 nonfarm payrolls last month, outpacing economist views looking for the addition of 140,000. The number is improved from an upwardly-revised reading of 203,000 for December. The initial reading was at 200,000 jobs added.
Private-sector payrolls rose 257,000 for the month, compared to a revised reading of 220,000 additions for December. The Street was looking for an increase of 160,000.
The unemployment rate fell 0.2 points to 8.3 percent, its lowest level since February 2009. Economists were expecting the unemployment rate to remain flat at 8.5 percent.
The strong figures come as the Fed recently extended its pledge for low rates through the end of 2014, and following last week's comments the U.S. economy isn't expanding fast enough.
Industries showing an increase in job gains rose from 62.4 for December to 64.1 in January.
Average hourly earnings rose 0.2 percent to $23.29 while the average workweek was steady at 34.5 hours.
Dow futures are now indicated about 102 points higher, Nasdaq futures are up 23 points, and S&P 500 futures are up nearly 12 points.
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New data from the U.S. Department of Labor Friday showed the addition of 243,000 nonfarm payrolls last month, outpacing economist views looking for the addition of 140,000. The number is improved from an upwardly-revised reading of 203,000 for December. The initial reading was at 200,000 jobs added.
Private-sector payrolls rose 257,000 for the month, compared to a revised reading of 220,000 additions for December. The Street was looking for an increase of 160,000.
The unemployment rate fell 0.2 points to 8.3 percent, its lowest level since February 2009. Economists were expecting the unemployment rate to remain flat at 8.5 percent.
The strong figures come as the Fed recently extended its pledge for low rates through the end of 2014, and following last week's comments the U.S. economy isn't expanding fast enough.
Industries showing an increase in job gains rose from 62.4 for December to 64.1 in January.
Average hourly earnings rose 0.2 percent to $23.29 while the average workweek was steady at 34.5 hours.
Dow futures are now indicated about 102 points higher, Nasdaq futures are up 23 points, and S&P 500 futures are up nearly 12 points.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
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