Private payrolls expanded by a less-than-expected 166,000 in January on a seasonally adjusted basis, the Labor Department reports. Last month’s level of jobs creation represents a considerable slowdown from December’s upwardly revised 202,000 rise. The annual pace of growth has also slipped, with a 1.9% gain in private payrolls for last month vs. the year-earlier level. For comparison, private payrolls gained 2.0% on the year through December. Overall, today’s employment report reminds that the labor market continues to expand slowly. The trend isn’t impressive, at least not relative to what’s needed to boost the economy to a substantially higher level of growth. But today’s jobs report is still far from fatal as it relates to assessing the business cycle.
Daily Archives: February 1, 2013
Major Asset Classes | January 2013 | Performance Review
Risky assets generally started the new year on a strong note, led by handsome gains for equities in the US and the developed world. The leading source of red ink last month: government bonds in developed markets. Overall, the unmanaged market-value weighted Global Market Index (GMI) gained 2.5% in January, building on a strong run in 2012.