Weekly Economic Update - February 9, 2015: The Labor Market Has Taken Off

Kenneth McCarthy

VP, America Head of Applied Research

Phone +1 212 698-2502

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The U.S. labor market remained on a strong growth track in January, adding 257,000 jobs, above the consensus expectation of about 230,000. However, the real story of the January employment report was the revision to previous job growth estimates.

The Bureau of Labor Statistics (BLS) added almost 70,000 jobs to the previously reported growth in November. The BLS now estimates the economy added 423,000 jobs in November, the largest increase since May 2010, when a surge in government hiring for the decennial census pushed employment up sharply.