January 2015: unemployment rate holds strong, new jobs created

December’s numbers, according to a news release from the Bureau of Labor Statistics. The only demographic that saw an increase in its unemployment rate was teen workers. While the unemployment rate remained steady overall at about 5.7 percent, January saw 257,000 new jobs added. Those 257,000 jobs include positions in retail, health care, financial services and select other industries. Retail trade saw 46,000 new jobs in January, with jobs coming primarily through non-store retailers, vehicle and parts dealers, and stores that sell books, music, and sporting goods. The construction industry added 39,000 jobs, with the majority of the positions available in commercial and residential building. Health care saw similar gains (38,000 new jobs), with the bulk due to hospital and doctors’ office staffing. Professional services and food services saw gains of 33,000 and 35,000 jobs respectively, while financial services gained 26,000 new jobs, mainly in the insurance and investing markets. Mining, government, trade and transportation all saw little change from December, though the manufacturing workweek increased to 41 hours per week. In addition, the number of discouraged workers dropped over the previous 12 months, from 837,000 people in January 2014 to 682,000 last month. Discouraged workers are individuals that are not looking for work because they do not believe they have job opportunities. The report also stated that its previous numbers for November and December 2014 have been revised, and that 147,000 more jobs were created than previously reported during those months.]]>