By CountingPips.com
U.S. Nonfarm Payrolls employment data released today showed that jobs fell in the month of January by more than expected while the December’s jobs data was revised higher to show more job losses that month. The Department of Labor nonfarm payrolls report showed that employment fell by 20,000 workers in January to total of 14.8 million unemployed workers. Today’s employment data was worse than expected as market forecasts were predicting an 
increase by 15,000 workers for the month.
Despite the monthly decline, the unemployment rate dropped from 10 percent to 9.7 percent. The rate decrease was unexpected as market forecasts predicted the rate to stay at the 10 percent level.
December’s employment totals were revised from an original estimate of 85,000 jobs lost to 150,000 jobs lost for the month. The November jobs report, which turned out to be the first monthly gain in almost two years, was revised in December to show a gain of 4,000 jobs and was revised again in the January report to show an increase of 64,000 workers.
In the two years since the recession began in December 2007, the number of unemployed workers has increased by 8.4 million and the unemployment rate has advanced from 5.0 percent to 9.7 percent.
The goods-producing sector was the hardest hit by job losses for the month as this sector lost 60,000 total jobs with the the construction sector losing 75,000 jobs while the manufacturing sector added 11,000 jobs.
The service-providing sector gained 15,000 total workers in January. The ambulatory health care services sector added 15,000 jobs and the retail trade sector increased by 42,000 jobs. Transportation and warehousing lost 19,000 jobs while financial activities shed 16,000 workers. Government hiring increased by 33,000 workers in January.
