JANUARY UNEMPLOYMENT RISES TO 4.6%

The Department of Labor released the January 2007 unemployment data today showing that unemployment rose from 4.5% in December to 4.6%. Some highlights of the report:

• 111,000 net new jobs were added to non-farm payrolls, 104,000 of those in the service sector.
• 16,000 factory jobs were lost in January, the seventh straight monthly decline.
• 22,000 construction jobs were added in January.
• Average hourly earnings rose 0.2% to $17.09 per hour.
• Over the past year, hourly and weekly earnings have risen 4%.
• The unemployment rate for Hispanics rose to 5.7% from 4.9% in December.
• The unemployment rate for African Americans dropped to 8% from 8.4%.
• The unemployment rate for whites rose to 4.1% from 4%.

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