'January Employment Report: 113,000 Jobs, 6.6% Unemployment Rate'

Calculated Risk on the employment report:

January Employment Report: 113,000 Jobs, 6.6% Unemployment Rate, by Bill McBride: From the BLS:

Total nonfarm payroll employment rose by 113,000 in January, and the unemployment rate was little changed at 6.6 percent, the U.S. Bureau of Labor Statistics reported today. ...

After accounting for the annual adjustment to the population controls, the civilian labor force rose by 499,000 in January, and the labor force participation rate edged up to 63.0 percent. Total employment, as measured by the household survey, increased by 616,000 over the month, and the employment-population ratio increased by 0.2 percentage point to 58.8 percent....

The headline number was well below expectations of 181,000 payroll jobs added. ...

This was a disappointing employment report, however there were some positives including upward revisions to previous reports, a decline in the unemployment rate, and an increase in the participation rate. ...

If this rate of job creation continues, just 113,000 jobs, it will be a long, long, long time before the labor market normalizes.