January jobs report released

2/10/2014 5:24:11 PM

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The U.S. Bureau of Labor Statistics recently released its January employment report, revealing that hiring has continued to stall in the first month of the new year. According to the national report, only 113,000 jobs were added to the economy during January, a figure well below the 2013 monthly average of around 200,000 jobs.

Additionally, the number fell flat compared to the 185,000 jobs economists had predicted. However, the national unemployment rate fell to 6.6 percent, the lowest level since October 2008. The report, while slightly disappointing, is still a good sign of economic recovery. Unemployment reached a high of 10 percent in October 2010.

The December jobs report also revealed weak hiring numbers, with only 74,000 additional jobs during the month. Some economists have speculated that the unseasonably cold weather has put a damper on hiring and that numbers will pick back up later this year.

The report came at the same time that the Federal Reserve announced it would continue reducing stimulus spending in February. The Fed's decision came as a surprise to some after the weak employment report. Fed officials have previously stated that unemployment would need to reach 6.5 percent before tapering its spending. For mortgage rates, the tapering could eventually lead to higher interest.

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