The United States gained 243,000 jobs in January and the unemployment rate dipped to 8.3 percent, adding fuel to the consensus that the economy's recovery is gaining momentum, the U.S. Labor Department said today.
The economy has added private sector jobs for 23 straight months, for a total of 3.7 million payroll jobs over that period. In the last 12 months, 2.2 million private sector jobs were added on net.
U.S. companies hired the most workers in nine months and the nation's unemployment rate fell to the lowest level in nearly three years, according to the government's employment report for January.
The January increase in hiring was the largest since last April. The United States has added an average of 183,000 jobs a month in the past five months.
Hiring has spread to most sectors of the economy. Jobs were added last month in manufacturing and construction, professional services, retail, health care, and food and restaurant establishments.
In a research note today, Sal Guatieri, vice president and senior economist at BMO Capital Markets, wrote, "After milking the productivity well dry, American firms are hiring again. U.S. nonfarm payrolls rose 243,000 in January, well above expectations of 140,000, picking up from a slightly upwardly-revised 203,000 in December and average monthly gains of 152,000 in 2011 and 157,000 in Q4. Private-sector payrolls rose 257,000, quickening from 220,000 in December and average monthly gains of 174,000 in 2011 and 179,000 in Q4. Job gains were widespread across sectors, with manufacturing posting its second largest gain (50k) in more than a decade and the beleaguered construction sector showing strength the past two months. Even government job losses are slowing (-14k). Courier service jobs fell 2k and December's prior 42k gain was revised down to show a decline of 7k, as new seasonal factors better accounted for the shift toward online holiday sales."
The Dow Jones Industrial Average climbed 160 points this morning with the news. Standing at 12,866, the Dow is gaining momentum as it closes in on the 13,000 mark.
Local stocks in the BizTimes Stock Index were led this morning by Joy Global Inc. (up $3.44 to $94.93), Fiserv Inc. (up $2.59 to $65.70) and Kohl's Corp. (up $2.04 to $48.81).
Stocks soar as national unemployment rate falls again
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