To: MythMan who wrote (64139 ) 2/2/2001 8:37:12 AM From: UnBelievable Respond to of 436258 US Jobs Report-OVERVIEW Futures World News - February 02, 2001 08:30 --US January payroll jobs +268,000; jobless rate +0.2 pt to 4.2% --BLS: Jan job gain reflects seasonal adjustment in construction, govt --US December payroll jobs revised to +19,000 from +105,000 --US January unemployment rate highest since September 1999 --BLS aide sees construction, gov't jobs returning to trend in Feb --US Jan avg hourly earnings unchanged; December unrevised at 0.4% --US January avg hourly earnings +3.9% from yr ago; Dec +4.3% --US January private payrolls +214,000; government +54,000 --US Jan available labor pool up to 10.4 mln; December 10.2 mln --US January workweek +0.2 hr; manufacturing workweek +0.5 hr --US Jan weekly hours index +0.9% to 151.8; factory index +0.8% --US Nov payroll jobs revised to +53,000 from +59,000 --US Jan construction jobs +145,000; service producer jobs +183,000 --US January factory jobs -65,000; federal government +37,000 By Simon Kennedy and Andrew Williams, BridgeNews Washington--Feb. 2--Unusually large seasonal adjustment increases in construction and federal government employment drove U.S. non-farm payrolls up 268,000, well above private forecasts. January job growth also topped the revised December payroll gain of 19,000--previously reported at 105,000, the Labor Department reported Friday. However, the unemployment rate ticked up to 4.2% for the first time since September 1999. * * * "To a great extent, January's job gain reflected unusually large seasonally adjusted increases in just two areas--construction and the federal government," Bureau of Labor Statistics Commissioner Katharine Abraham. Construction unemployment rose by 145,000 jobs after the seasonal adjustment, more than offsetting weather-related employment declines in November and December. "The weather in those months was unusually severe, resulting in larger-than-expected seasonal layoffs," Abraham said. "In contrast, January's weather was relatively mild, and there were far fewer layoffs than expected." It would take future months' data to discover whether January's large job gain "reflects underlying strength in construction or merely the problems inherent in seasonally adjusting estimates of employment for the industry during the winter months," Abraham added. Meanwhile, federal government jobs climbed by 37,000 in January. But Abraham said that gain "resulted from an unusually large increase in postal employment after seasonal adjustment." While January traditionally is a layoff month at the postal service, as extra holiday staff are released, this year "our survey did not register the typical holiday buildup...and consequently did not register the typical post-holiday layoffs," she said. Analysts had projected an increase of 82,500 in jobs, and an unemployment rate of 4.1%. More