Skip navigation
Economy Video Gallery
A look at some gold-related plays, with CNBC's Scott Cohn.
Some names investors should keep on their radar, with Joseph Keating, RBC Bank and George Ball, Sanders Morris Group cha...
Assessing the markets moves, with Addison Armstrong, Tradition Energy director of market research.
Watchlist Sponsored By :


Current DateTime: 01:49:35 25 Nov 2009
LinksList Documentid: 24355697
  • Runway Angels

      The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.

  • Smartphone Guide

      Here's a need-to-know guide to nine devices, based on features, price, network and platform.

  • Wines for the Holidays

      Not quite sure what wine to pair with Turkey or Creme Brulee? Our experts do.

FEATURED QUIZZES


Current DateTime: 01:49:35 25 Nov 2009
LinksList Documentid: 33793611
  • How Well Do You Know Your Bird?

      Let's talk turkey. Test your turkey knowledge and perhaps pick up a bit of trivia to trot out at your holiday meal.

  • A Healthier & Wealthier You

      Take the following quiz and find out how much you know about the impact of obesity on the health of the U.S. economy.

  • The Billionaire BFF's

      Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?


Current DateTime: 01:49:35 25 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
U.S. Jobs Fell Unexpectedly By 17,000 During January
By: Reuters | 01 Feb 2008 | 11:04 AM ET
Text Size

U.S. employers cut 17,000 non-farm jobs in January, the first time in nearly 4-1/2 years that U.S. payrolls shrank as continuing losses in construction and manufacturing reflected the economy's waning momentum.
Unemployment Line
AP

The Labor Department report Friday came in much weaker than anticipated by analysts surveyed by Reuters, who had forecast 80,000 jobs would be added last month.

The department revised December's new-job total up to 82,000 from 18,000 but cut its estimates for hiring in both October and November, highlighting how hiring was already in decline as 2007 ended.

January marked the first job losses since August 2003 and some analysts said it painted a picture of declining economy.

"We are on the brink of a recession now," said Daniel North, chief economist for Euler Hermes ACI in Owings Mill, Maryland. "The job market is always a lagging indicator. This is a nail-in-coffin."

The national unemployment rate eased to 4.9 percent from 5 percent in December. The unemployment rate is calculated using a separate survey than the one the department uses for measuring the number of payroll jobs added or subtracted each month.

The Federal Reserve cut interest rates again this week in a bid to spur the economy and the Bush administration and Congress are wrangling over a fiscal stimulus plan to try to get more money into consumers' hands. But analysts said more policy action may be necessary to try to avert a stall.

Boris Schlossberg, chief currency strategist for DailyFX.com in New York, said the jobs total "shows that the economy is at a virtual stand still."

"It is very negative from a long-term perspective because clearly the Fed is going to have to continue cutting rates," Schlossberg added. Lower U.S. interest rates could put further downward pressure on the dollar's value.

Manufacturers cut 28,000 jobs in January, a 19th straight month of contraction for the sector, while the number of construction jobs dropped by 27,000. The department said construction industries have shed 284,000 jobs since employment peaked in September 2006, largely reflecting the continuing decline in home building.

After holding steady for six months, the average workweek fell to 33.7 hours in January from 33.8 in December, another sign of potential weakening in labor markets.

The private sector added 1,000 jobs in January but 18,000 government jobs were lost.

Copyright 2009 Reuters. Click for restrictions.
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
  • Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
  • Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
  • More shoppers than ever plan to comparison-shop this season. Who will benefit?
  • It may be the most unusual guide to business you'll read.
  • Cut Credit cards
  • How can you get out of debt and back on the road to recovery? Follow these ten steps.
ADD COMMENTS
Remaining characters


Current DateTime: 12:56:53 25 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 10:38:02 25 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 10:38:03 25 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 10:38:03 25 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters