The Department of Labor reports the economy added 113,000 non-farm payrolls in January, well below expectations for around 185,000 jobs being added. The unemployment rate, however, came in as expected at 6.6%, down from 6.7% in last month's report. The U.S. dollar index immediately weakened on the disappointing data.
The report notes the number of long-term unemployed (those jobless for 27 weeks or more), at 3.6 million, declined by 232,000 in January. These individuals accounted for 35.8% of the unemployed. The number of long-term unemployed has declined by 1.1 million over the year. Additionally, the number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) fell by 514,000 to 7.3 million in January. These individuals were working part time because their hours had been cut back or because they were unable to find full-time work.
Economists hoped December's weak job gains would be revised much higher, but the figure was only revised by 1,000 jobs to 75,000.