The Economy Still Stagnating As The 10 Million Plus Jobs Gap Continues — Videos

Posted on February 7, 2014. Filed under: American History, Banking, Blogroll, Business, College, Communications, Constitution, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, IRS, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Photos, Politics, Psychology, Raves, Regulations, Tax Policy, Taxes, Technology, Transportation, Unemployment, Video, Wisdom, Writing | Tags: , , , , , , , |

Making Sense of Today’s January Jobs Report

February 7th 2014 CNBC Stock Market Squawk Box (January Jobs Report)

gdp_large

sgs-emp

non-farm-payrolls-wide-201312

Employment Level

145,224,000

Series Id:           LNS12000000
Seasonally Adjusted
Series title:        (Seas) Employment Level
Labor force status:  Employed
Type of data:        Number in thousands
Age:                 16 years and over

employment_level
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 136559(1) 136598 136701 137270 136630 136940 136531 136662 136893 137088 137322 137614
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125
2005 140245(1) 140385 140654 141254 141609 141714 142026 142434 142401 142548 142499 142752
2006 143150(1) 143457 143741 143761 144089 144353 144202 144625 144815 145314 145534 145970
2007 146028(1) 146057 146320 145586 145903 146063 145905 145682 146244 145946 146595 146273
2008 146378(1) 146156 146086 146132 145908 145737 145532 145203 145076 144802 144100 143369
2009 142152(1) 141640 140707 140656 140248 140009 139901 139492 138818 138432 138659 138013
2010 138451(1) 138599 138752 139309 139247 139148 139179 139427 139393 139111 139030 139266
2011 139287(1) 139422 139655 139622 139653 139409 139524 139904 140154 140335 140747 140836
2012 141677(1) 141943 142079 141963 142257 142432 142272 142204 142947 143369 143233 143212
2013 143384(1) 143464 143393 143676 143919 144075 144285 144179 144270 143485 144443 144586
2014 145224(1)

Civilian Labor Force

155,460,000

Series Id:           LNS11000000
Seasonally Adjusted
Series title:        (Seas) Civilian Labor Force Level
Labor force status:  Civilian labor force
Type of data:        Number in thousands
Age:                 16 years and over

Civilian_Labor_Force_Level

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150214(1) 150641 150813 150881 151069 151354 151377 151716 151662 152041 152406 152732
2007 153144(1) 152983 153051 152435 152670 153041 153054 152749 153414 153183 153835 153918
2008 154063(1) 153653 153908 153769 154303 154313 154469 154641 154570 154876 154639 154655
2009 154210(1) 154538 154133 154509 154747 154716 154502 154307 153827 153784 153878 153111
2010 153404(1) 153720 153964 154642 154106 153631 153706 154087 153971 153631 154127 153639
2011 153198(1) 153280 153403 153566 153526 153379 153309 153724 154059 153940 154072 153927
2012 154328(1) 154826 154811 154565 154946 155134 154970 154669 155018 155507 155279 155485
2013 155699(1) 155511 155099 155359 155609 155822 155693 155435 155473 154625 155284 154937
2014 155460(1)

Labor Force Participation Rate

63.0%

Series Id:           LNS11300000
Seasonally Adjusted
Series title:        (Seas) Labor Force Participation Rate
Labor force status:  Civilian labor force participation rate
Type of data:        Percent or rate
Age:                 16 years and over

labor_participation_rate

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 67.3 67.3 67.3 67.3 67.1 67.1 66.9 66.9 66.9 66.8 66.9 67.0
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.1 66.1 66.0 66.0 65.9 65.8
2009 65.7 65.8 65.6 65.7 65.7 65.7 65.5 65.4 65.1 65.0 65.0 64.6
2010 64.8 64.9 64.9 65.2 64.9 64.6 64.6 64.7 64.6 64.4 64.6 64.3
2011 64.2 64.2 64.2 64.2 64.2 64.0 64.0 64.1 64.2 64.1 64.1 64.0
2012 63.7 63.9 63.8 63.7 63.8 63.8 63.7 63.5 63.6 63.7 63.6 63.6
2013 63.6 63.5 63.3 63.4 63.4 63.5 63.4 63.2 63.2 62.8 63.0 62.8
2014 63.0

Unemployment Level

10,236,000

Series Id:           LNS13000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over

unemployment_level

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279
2006 7064 7184 7072 7120 6980 7001 7175 7091 6847 6727 6872 6762
2007 7116 6927 6731 6850 6766 6979 7149 7067 7170 7237 7240 7645
2008 7685 7497 7822 7637 8395 8575 8937 9438 9494 10074 10538 11286
2009 12058 12898 13426 13853 14499 14707 14601 14814 15009 15352 15219 15098
2010 14953 15121 15212 15333 14858 14483 14527 14660 14578 14520 15097 14373
2011 13910 13858 13748 13944 13873 13971 13785 13820 13905 13604 13326 13090
2012 12650 12883 12732 12603 12689 12702 12698 12464 12070 12138 12045 12273
2013 12315 12047 11706 11683 11690 11747 11408 11256 11203 11140 10841 10351
2014 10236

Unemployment Rate

6.6%

Series Id:           LNS14000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over

unemployment_rate_U_3
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 7.8 8.3 8.7 9.0 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.7 9.8 9.9 9.9 9.6 9.4 9.5 9.5 9.5 9.5 9.8 9.4
2011 9.1 9.0 9.0 9.1 9.0 9.1 9.0 9.0 9.0 8.8 8.6 8.5
2012 8.2 8.3 8.2 8.2 8.2 8.2 8.2 8.1 7.8 7.8 7.8 7.9
2013 7.9 7.7 7.5 7.5 7.5 7.5 7.3 7.2 7.2 7.2 7.0 6.7
2014 6.6

Employment-Population Ratio

58.8%

Series Id:           LNS12300000
Seasonally Adjusted
Series title:        (Seas) Employment-Population Ratio
Labor force status:  Employment-population ratio
Type of data:        Percent or rate
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 64.6 64.6 64.6 64.7 64.4 64.5 64.2 64.2 64.2 64.2 64.3 64.4
2001 64.4 64.3 64.3 64.0 63.8 63.7 63.7 63.2 63.5 63.2 63.0 62.9
2002 62.7 63.0 62.8 62.7 62.9 62.7 62.7 62.7 63.0 62.7 62.5 62.4
2003 62.5 62.5 62.4 62.4 62.3 62.3 62.1 62.1 62.0 62.1 62.3 62.2
2004 62.3 62.3 62.2 62.3 62.3 62.4 62.5 62.4 62.3 62.3 62.5 62.4
2005 62.4 62.4 62.4 62.7 62.8 62.7 62.8 62.9 62.8 62.8 62.7 62.8
2006 62.9 63.0 63.1 63.0 63.1 63.1 63.0 63.1 63.1 63.3 63.3 63.4
2007 63.3 63.3 63.3 63.0 63.0 63.0 62.9 62.7 62.9 62.7 62.9 62.7
2008 62.9 62.8 62.7 62.7 62.5 62.4 62.2 62.0 61.9 61.7 61.4 61.0
2009 60.6 60.3 59.9 59.8 59.6 59.4 59.3 59.1 58.7 58.5 58.6 58.3
2010 58.5 58.5 58.5 58.7 58.6 58.5 58.5 58.6 58.5 58.3 58.2 58.3
2011 58.4 58.4 58.4 58.4 58.4 58.2 58.2 58.3 58.4 58.4 58.5 58.5
2012 58.5 58.5 58.6 58.5 58.6 58.6 58.5 58.4 58.6 58.8 58.7 58.6
2013 58.6 58.6 58.5 58.6 58.7 58.7 58.7 58.6 58.6 58.2 58.6 58.6
2014 58.8

Unemployment Rate – 16-19 Yrs

20.7%

Series Id:           LNS14000012
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate - 16-19 yrs.
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 to 19 years

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 12.7 13.8 13.3 12.6 12.8 12.3 13.4 14.0 13.0 12.8 13.0 13.2
2001 13.8 13.7 13.8 13.9 13.4 14.2 14.4 15.6 15.2 16.0 15.9 17.0
2002 16.5 16.0 16.6 16.7 16.6 16.7 16.8 17.0 16.3 15.1 17.1 16.9
2003 17.2 17.2 17.8 17.7 17.9 19.0 18.2 16.6 17.6 17.2 15.7 16.2
2004 17.0 16.5 16.8 16.6 17.1 17.0 17.8 16.7 16.6 17.4 16.4 17.6
2005 16.2 17.5 17.1 17.8 17.8 16.3 16.1 16.1 15.5 16.1 17.0 14.9
2006 15.1 15.3 16.1 14.6 14.0 15.8 15.9 16.0 16.3 15.2 14.8 14.6
2007 14.8 14.9 14.9 15.9 15.9 16.3 15.3 15.9 15.9 15.4 16.2 16.8
2008 17.8 16.6 16.1 15.9 19.0 19.2 20.7 18.6 19.1 20.0 20.3 20.5
2009 20.7 22.3 22.2 22.2 23.4 24.7 24.3 25.0 25.9 27.2 26.9 26.7
2010 26.0 25.6 26.2 25.4 26.5 26.0 25.9 25.6 25.8 27.3 24.8 25.3
2011 25.5 24.1 24.3 24.5 23.9 24.8 24.8 25.1 24.5 24.2 24.1 23.3
2012 23.5 23.8 24.8 24.6 24.2 23.7 23.7 24.4 23.8 23.8 23.9 24.0
2013 23.5 25.2 23.9 23.7 24.1 23.8 23.4 22.6 21.3 22.0 20.8 20.2
2014 20.7

Average Weeks Unemployed

35.4 Weeks

Series Id:           LNS13008275
Seasonally Adjusted
Series title:        (Seas) Average Weeks Unemployed
Labor force status:  Unemployed
Type of data:        Number of weeks
Age:                 16 years and over
average_weeks_unemployed
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 13.1 12.6 12.7 12.4 12.6 12.3 13.4 12.9 12.2 12.7 12.4 12.5
2001 12.7 12.8 12.8 12.4 12.1 12.7 12.9 13.3 13.2 13.3 14.3 14.5
2002 14.7 15.0 15.4 16.3 16.8 16.9 16.9 16.5 17.6 17.8 17.6 18.5
2003 18.5 18.5 18.1 19.4 19.0 19.9 19.7 19.2 19.5 19.3 19.9 19.8
2004 19.9 20.1 19.8 19.6 19.8 20.5 18.8 18.8 19.4 19.5 19.7 19.4
2005 19.5 19.1 19.5 19.6 18.6 17.9 17.6 18.4 17.9 17.9 17.5 17.5
2006 16.9 17.8 17.1 16.7 17.1 16.6 17.1 17.1 17.1 16.3 16.2 16.1
2007 16.3 16.7 17.8 16.9 16.6 16.5 17.2 17.0 16.3 17.0 17.3 16.6
2008 17.5 16.9 16.5 16.9 16.6 17.1 17.0 17.7 18.6 19.9 18.9 19.9
2009 19.8 20.2 20.9 21.7 22.4 23.9 25.1 25.3 26.6 27.5 28.9 29.7
2010 30.3 29.9 31.6 33.3 33.9 34.5 33.8 33.6 33.4 34.2 33.9 34.8
2011 37.2 37.5 39.2 38.7 39.5 39.7 40.4 40.2 40.2 39.1 40.3 40.7
2012 40.1 40.0 39.4 39.3 39.6 40.0 38.8 39.1 39.4 40.3 39.2 38.0
2013 35.4 36.9 37.0 36.6 36.9 35.7 36.7 37.0 36.8 36.0 37.1 37.1
2014 35.4

Median Weeks Unemployed

16.0 weeks

Series Id:           LNS13008276
Seasonally Adjusted
Series title:        (Seas) Median Weeks Unemployed
Labor force status:  Unemployed
Type of data:        Number of weeks
Age:                 16 years and over

median_weeks_unemployed

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 5.8 6.1 6.0 6.1 5.8 5.7 6.0 6.3 5.2 6.1 6.1 6.0
2001 5.8 6.1 6.6 5.9 6.3 6.0 6.8 6.9 7.2 7.3 7.7 8.2
2002 8.4 8.3 8.4 8.9 9.5 11.0 8.9 9.0 9.5 9.6 9.3 9.6
2003 9.6 9.5 9.7 10.2 9.9 11.5 10.3 10.1 10.2 10.4 10.3 10.4
2004 10.6 10.2 10.2 9.5 9.9 11.0 8.9 9.2 9.6 9.5 9.7 9.5
2005 9.4 9.2 9.3 9.0 9.1 9.0 8.8 9.2 8.4 8.6 8.5 8.7
2006 8.6 9.1 8.7 8.4 8.5 7.3 8.0 8.4 8.0 7.9 8.3 7.5
2007 8.3 8.5 9.1 8.6 8.2 7.7 8.7 8.8 8.7 8.4 8.6 8.4
2008 9.0 8.7 8.7 9.4 7.9 9.0 9.7 9.7 10.2 10.4 9.8 10.5
2009 10.7 11.7 12.3 13.1 14.2 17.2 16.0 16.3 17.8 18.9 19.8 20.1
2010 20.0 19.9 20.5 22.1 22.3 25.0 22.2 20.9 20.2 21.4 21.0 22.0
2011 21.5 21.2 21.7 20.9 21.6 22.1 21.8 22.2 21.9 20.7 20.9 20.6
2012 20.9 20.0 19.6 19.2 19.8 19.8 17.2 18.2 18.7 20.0 18.6 17.8
2013 16.0 17.7 18.1 17.3 16.9 16.2 15.8 16.5 16.4 16.5 17.0 17.1
2014 16.0

Not in Labor Force, Searched for Work and Available

2,592,000

Series Id:                       LNU05026642
Not Seasonally Adjusted
Series title:                    (Unadj) Not in Labor Force, Searched For Work and Available
Labor force status:              Not in labor force
Type of data:                    Number in thousands
Age:                             16 years and over
Job desires/not in labor force:  Want a job now
Reasons not in labor force:      Available to work now
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 1207 1281 1219 1216 1113 1142 1172 1097 1166 1044 1100 1125 1157
2001 1295 1337 1109 1131 1157 1170 1232 1364 1335 1398 1331 1330 1266
2002 1532 1423 1358 1397 1467 1380 1507 1456 1501 1416 1401 1432 1439
2003 1598 1590 1577 1399 1428 1468 1566 1665 1544 1586 1473 1483 1531
2004 1670 1691 1643 1526 1533 1492 1557 1587 1561 1647 1517 1463 1574
2005 1804 1673 1588 1511 1428 1583 1516 1583 1438 1414 1415 1589 1545
2006 1644 1471 1468 1310 1388 1584 1522 1592 1299 1478 1366 1252 1448
2007 1577 1451 1385 1391 1406 1454 1376 1365 1268 1364 1363 1344 1395
2008 1729 1585 1352 1414 1416 1558 1573 1640 1604 1637 1947 1908 1614
2009 2130 2051 2106 2089 2210 2176 2282 2270 2219 2373 2323 2486 2226
2010 2539 2527 2255 2432 2223 2591 2622 2370 2548 2602 2531 2609 2487
2011 2800 2730 2434 2466 2206 2680 2785 2575 2511 2555 2591 2540 2573
2012 2809 2608 2352 2363 2423 2483 2529 2561 2517 2433 2505 2614 2516
2013 2443 2588 2326 2347 2164 2582 2414 2342 2302 2283 2096 2427 2360
2014 2592

Total Unemployment Rate U-6

12.7%

Series Id:           LNS13327709
Seasonally Adjusted
Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status:  Aggregated totals unemployed
Type of data:        Percent or rate
Age:                 16 years and over
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 7.9
2007 8.4 8.2 8.0 8.2 8.2 8.3 8.4 8.4 8.4 8.4 8.4 8.8
2008 9.2 9.0 9.1 9.2 9.7 10.1 10.5 10.8 11.0 11.8 12.6 13.6
2009 14.2 15.2 15.8 15.9 16.5 16.5 16.4 16.7 16.7 17.1 17.1 17.1
2010 16.7 17.0 17.1 17.2 16.6 16.4 16.4 16.5 16.8 16.6 16.9 16.6
2011 16.1 16.0 15.9 16.1 15.8 16.1 16.0 16.1 16.3 15.9 15.6 15.2
2012 15.1 15.0 14.5 14.6 14.8 14.8 14.9 14.7 14.7 14.4 14.4 14.4
2013 14.4 14.3 13.8 13.9 13.8 14.2 13.9 13.6 13.6 13.7 13.1 13.1
2014 12.7

Employment Situation Summary

Transmission of material in this release is embargoed until                      USDL-14-0168
8:30 a.m. (EST) Friday, February 7, 2014

Technical information:
Household data:        (202) 691-6378  •  cpsinfo@bls.gov  •  www.bls.gov/cps
Establishment data:    (202) 691-6555  •  cesinfo@bls.gov  •  www.bls.gov/ces

Media contact:         (202) 691-5902  •  PressOffice@bls.gov

                                 THE EMPLOYMENT SITUATION -- JANUARY 2014

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.
Employment grew in construction, manufacturing, wholesale trade, and mining. 

  ------------------------------------------------------------------------------------
 |                        Changes to the Employment Situation Data                    |
 |                                                                                    |
 |Establishment survey data have been revised as a result of the annual benchmarking  |
 |process and the updating of seasonal adjustment factors. Also, household survey data|
 |for January 2014 reflect updated population estimates. See the notes at the end of  |
 |this release for more information about these changes.                              |
 |                                                                                    |
  ------------------------------------------------------------------------------------

Household Survey Data

Both the number of unemployed persons, at 10.2 million, and the unemployment rate, at
6.6 percent, changed little in January. Since October, the jobless rate has decreased by
0.6 percentage point. (See table A-1.)  (See the note and tables B and C for information
about the effect of annual population adjustments to the household survey estimates.) 

Among the major worker groups, the unemployment rates for adult men (6.2 percent), adult
women (5.9 percent), teenagers (20.7 percent), whites (5.7 percent), blacks (12.1 percent),
and Hispanics (8.4 percent) showed little change in January. The jobless rate for Asians
was 4.8 percent (not seasonally adjusted), down by 1.7 percentage points over the year.
(See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks or more), at 3.6 million,
declined by 232,000 in January. These individuals accounted for 35.8 percent of the
unemployed. The number of long-term unemployed has declined by 1.1 million over the year.
(See table A-12.)

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. (See table A-1. For additional information about the effects of the population
adjustments, see table C.)

The number of persons employed part time for economic reasons (sometimes referred to as
involuntary part-time workers) fell by 514,000 to 7.3 million in January. These individuals
were working part time because their hours had been cut back or because they were unable to
find full-time work. (See table A-8.)

In January, 2.6 million persons were marginally attached to the labor force, little changed
from a year earlier. (The data are not seasonally adjusted.) These individuals were not in
the labor force, wanted and were available for work, and had looked for a job sometime in
the prior 12 months. They were not counted as unemployed because they had not searched for
work in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 837,000 discouraged workers in January, about
unchanged from a year earlier. Discouraged workers are persons not currently looking for
work because they believe no jobs are available for them. The remaining 1.8 million persons
marginally attached to the labor force in January had not searched for work for reasons such
as school attendance or family responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment increased by 113,000 in January. In 2013, employment growth
averaged 194,000 per month. In January, job gains occurred in construction, manufacturing,
wholesale trade, and mining. (See table B-1.)

Construction added 48,000 jobs over the month, more than offsetting a decline of 22,000 in
December. In January, job gains occurred in both residential and nonresidential building
(+13,000 and +8,000, respectively) and in nonresidential specialty trade contractors
(+13,000). Heavy and civil engineering construction also added 10,000 jobs.

Employment in manufacturing increased in January (+21,000). Over the month, job gains
occurred in machinery (+7,000), wood products (+5,000), and motor vehicles and parts
(+5,000). Manufacturing added an average of 7,000 jobs per month in 2013.

In January, wholesale trade added 14,000 jobs, with most of the increase occurring in
nondurable goods (+10,000).

Mining added 7,000 jobs in January, compared with an average monthly gain of 2,000 jobs
in 2013.

Employment in professional and business services continued to trend up in January (+36,000).
The industry added an average of 55,000 jobs per month in 2013. Within the industry,
professional and technical services added 20,000 jobs in January. 

Leisure and hospitality employment continued to trend up over the month (+24,000). Job
growth in the industry averaged 38,000 per month in 2013. 

Employment in health care was essentially unchanged in January for the second consecutive
month.  Health care added an average of 17,000 jobs per month in 2013. 

Employment in retail trade changed little in January (-13,000). Within the industry, sporting
goods, hobby, book, and music stores lost 22,000 jobs, offsetting job gains in the prior 3
months. In January, motor vehicle and parts dealers added 7,000 jobs.

In January, federal government employment decreased by 12,000; the U.S. Postal Service
accounted for most of this decline (-9,000).

Employment in other major industries, including transportation and warehousing, information,
and financial activities, showed little or no change over the month.

In January, the average workweek for all employees on private nonfarm payrolls was unchanged
at 34.4 hours. The manufacturing workweek declined by 0.2 hour to 40.7 hours, and factory
overtime edged down by 0.1 hour to 3.4 hours. The average workweek for production and
nonsupervisory employees on private nonfarm payrolls was unchanged at 33.5 hours. (See
tables B-2 and B-7.)

Average hourly earnings for all employees on private nonfarm payrolls rose by 5 cents to
$24.21. Over the year, average hourly earnings have risen by 46 cents, or 1.9 percent. In
January, average hourly earnings of private-sector production and nonsupervisory employees
increased by 6 cents to $20.39. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for November was revised from +241,000 to
+274,000, and the change for December was revised from +74,000 to +75,000. With these
revisions, employment gains in November and December were 34,000 higher than previously
reported. Monthly revisions result from additional reports received from businesses since
the last published estimates and the monthly recalculation of seasonal factors. The annual
benchmark process also contributed to the revisions in this news release.

_____________
The Employment Situation for February is scheduled to be released on Friday, March 7, 2014,
at 8:30 a.m. (EST).

                                  Revisions to Establishment Survey Data

In accordance with annual practice, the establishment survey data released today have been
benchmarked to reflect comprehensive counts of payroll jobs for March 2013. These counts
are derived principally from the Quarterly Census of Employment and Wages (QCEW), which
enumerates jobs covered by the UI tax system. The benchmark process results in revisions
to not seasonally adjusted data from April 2012 forward. Seasonally adjusted data from
January 2009 forward are subject to revision. In addition, data for some series prior to
2009, both seasonally adjusted and unadjusted, incorporate revisions.

The total nonfarm employment level for March 2013 was revised upward by 369,000 (+347,000
on a not seasonally adjusted basis, or 0.3 percent). The average benchmark revision over
the past 10 years was plus or minus 0.3 percent. 

This revision incorporates the reclassification of jobs in the QCEW. Private household
employment is out of scope for the establishment survey. The QCEW reclassified some
private household employment into an industry that is in scope for the establishment
survey--services for the elderly and persons with disabilities. This reclassification
accounted for an increase of 466,000 jobs in the establishment survey. This increase of
466,000 associated with reclassification was offset by survey error of -119,000 for a
total net benchmark revision of +347,000 on a not seasonally adjusted basis. Historical
time series have been reconstructed to incorporate these revisions. 

The effect of these revisions on the underlying trend in nonfarm payroll employment was
minor. For example, the over-the-year change in total nonfarm employment for 2013 was
revised from 2,186,000 to 2,322,000 seasonally adjusted. Table A presents revised total
nonfarm employment data on a seasonally adjusted basis for January through December 2013.

All revised historical CES data, as well as an article that discusses the benchmark and
post-benchmark revisions and other technical issues can be accessed through the CES
homepage at www.bls.gov/ces/. Information on the data released today also may be obtained
by calling (202) 691-6555.

Table A. Revisions in total nonfarm employment, January-December 2013, seasonally adjusted
(Numbers in thousands)

------------------------------------------------------------------------------------------
                    |                                    |                                
                    |                Level               |      Over-the-month change     
                    |---------------------------------------------------------------------
    Year and month  |    As     |           |            |    As    |         |           
                    |previously |    As     | Difference |previously|   As    | Difference
                    |published  |  revised  |            |published | revised |           
------------------------------------------------------------------------------------------
                    |           |           |            |          |         |           
          2013      |           |           |            |          |         |           
                    |           |           |            |          |         |           
 January............|  134,839  |  135,261  |     422    |    148   |    197  |      49   
 February...........|  135,171  |  135,541  |     370    |    332   |    280  |     -52   
 March..............|  135,313  |  135,682  |     369    |    142   |    141  |      -1   
 April..............|  135,512  |  135,885  |     373    |    199   |    203  |       4   
 May................|  135,688  |  136,084  |     396    |    176   |    199  |      23   
 June...............|  135,860  |  136,285  |     425    |    172   |    201  |      29   
 July...............|  135,949  |  136,434  |     485    |     89   |    149  |      60   
 August.............|  136,187  |  136,636  |     449    |    238   |    202  |     -36   
 September..........|  136,362  |  136,800  |     438    |    175   |    164  |     -11   
 October............|  136,562  |  137,037  |     475    |    200   |    237  |      37   
 November...........|  136,803  |  137,311  |     508    |    241   |    274  |      33   
 December (p).......|  136,877  |  137,386  |     509    |     74   |     75  |       1   
------------------------------------------------------------------------------------------

   p = preliminary

                Adjustments to Population Estimates for the Household Survey

Effective with data for January 2014, updated population estimates have been used in the
household survey. Population estimates for the household survey are developed by the U.S.
Census Bureau. Each year, the Census Bureau updates the estimates to reflect new information
and assumptions about the growth of the population since the previous decennial census. The
change in population reflected in the new estimates results from adjustments for net
international migration, updated vital statistics and other information, and some
methodological changes in the estimation process. 

In accordance with usual practice, BLS will not revise the official household survey estimates
for December 2013 and earlier months. To show the impact of the population adjustments, however,
differences in selected December 2013 labor force series based on the old and new population
estimates are shown in table B. 

The adjustments increased the estimated size of the civilian noninstitutional population in
December by 2,000, the civilian labor force by 24,000, employment by 22,000, and unemployment
by 2,000. The number of persons not in the labor force was reduced by 22,000. The total
unemployment rate, employment-population ratio, and labor force participation rate were
unaffected. 

Data users are cautioned that these annual population adjustments can affect the comparability
of household data series over time. Table C shows the effect of the introduction of new
population estimates on the comparison of selected labor force measures between December 2013
and January 2014. Additional information on the population adjustments and their effect on
national labor force estimates is available at www.bls.gov/cps/cps14adj.pdf.

Table B. Effect of the updated population controls on December 2013 estimates by sex, race, and
Hispanic or Latino ethnicity, not seasonally adjusted
(Numbers in thousands)

__________________________________________________________________________________________________
                                        |      |     |      |       |        |       |            
                                        |      |     |      |       |  Black |       |            
                                        |      |     |      |       |    or  |       |  Hispanic  
                  Category              | Total| Men | Women| White | African| Asian | or Latino  
                                        |      |     |      |       |American|       | ethnicity  
                                        |      |     |      |       |        |       |            
________________________________________|______|_____|______|_______|________|_______|____________
                                        |      |     |      |       |        |       |            
  Civilian noninstitutional population..|    2 |  29 |  -27 |   -65 |     48 |    33 |     -57    
    Civilian labor force................|   24 |  24 |    0 |   -17 |     34 |    15 |     -38    
      Participation rate................|   .0 |  .0 |   .0 |    .0 |     .0 |    .0 |      .0    
     Employed...........................|   22 |  22 |    0 |   -16 |     31 |    14 |     -34    
      Employment-population ratio.......|   .0 |  .0 |   .0 |    .0 |     .0 |    .0 |      .0    
     Unemployed.........................|    2 |   3 |   -1 |    -1 |      4 |     1 |      -4    
      Unemployment rate.................|   .0 |  .0 |   .0 |    .0 |     .0 |    .0 |      .0    
    Not in labor force..................|  -22 |   4 |  -27 |   -48 |     14 |    18 |     -18    
________________________________________|______|_____|______|_______|________|_______|____________

   NOTE: Detail may not sum to totals because of rounding. Estimates for the above race groups
(white, black or African American, and Asian) do not sum to totals because data are not presented
for all races. Persons whose ethnicity is identified as Hispanic or Latino may be of any race.

Table C. December 2013-January 2014 changes in selected labor force measures,
with adjustments for population control effects
(Numbers in thousands)

______________________________________________________________________________
                                       |           |            |             
                                       |           |            |  Dec.-Jan.  
                                       | Dec.-Jan. |    2014    |   change,   
                                       |  change,  | population |  after re-  
                Category               |    as     |   control  |  moving the 
                                       | published |   effect   |  population 
                                       |           |            |   control   
                                       |           |            |  effect (1) 
_______________________________________|___________|____________|_____________
                                       |           |            |             
  Civilian noninstitutional population.|    170    |       2    |     168     
    Civilian labor force...............|    523    |      24    |     499     
      Participation rate...............|     .2    |      .0    |      .2     
     Employed..........................|    638    |      22    |     616     
      Employment-population ratio......|     .2    |      .0    |      .2     
     Unemployed........................|   -115    |       2    |    -117     
      Unemployment rate................|    -.1    |      .0    |     -.1     
    Not in labor force.................|   -353    |     -22    |    -331     
_______________________________________|___________|____________|_____________

   (1) This Dec.-Jan. change is calculated by subtracting the population 
control effect from the over-the-month change in the published seasonally
adjusted estimates.
   NOTE: Detail may not sum to totals because of rounding.

  ------------------------------------------------------------------------------------
 |                                                                                    |
 |                            Change to the Household Survey Tables                   |
 |                                                                                    |
 |Effective with this release, household survey table A-10 includes two new seasonally|
 |adjusted series for women age 55 and over--the number of unemployed persons and the |
 |unemployment rate. These replace the series that were previously displayed for this |
 |group, which were not seasonally adjusted.                                          |
 |                                                                                    |
  ------------------------------------------------------------------------------------

  ------------------------------------------------------------------------------------
 |                                                                                    |
 |               Updated Veteran Weighting Methodology for Household Survey           |
 |                                                                                    |
 |Beginning with data for January 2014, estimates for veterans in table A-5 of this   |
 |release incorporate updated weighting procedures. The new weighting methodology more|
 |accurately reflects the current demographic composition of the veteran population.  |
 |The primary impact of the change was an increase in the "Gulf War-era I" veteran    |
 |population and a decrease in the number of veterans in the "Other service periods"  |
 |category. The updated methodology had little effect on unemployment rates for       |
 |veterans, regardless of gender or period of service. Additional information on the  |
 |effect of the change on labor force estimates for veterans is available at          |
 |www.bls.gov/cps/vetsweights2014.pdf.                                                |
 |                                                                                    |
  ------------------------------------------------------------------------------------

Employment Situation Summary Table A. Household data, seasonally adjusted

HOUSEHOLD DATA
Summary table A. Household data, seasonally adjusted
[Numbers in thousands]

CategoryJan.
2013Nov.
2013Dec.
2013Jan.
2014Change from:
Dec.
2013-
Jan.
2014Employment status Civilian noninstitutional population244,663246,567246,745246,915-Civilian labor force155,699155,284154,937155,460-Participation rate63.663.062.863.0-Employed143,384144,443144,586145,224-Employment-population ratio58.658.658.658.8-Unemployed12,31510,84110,35110,236-Unemployment rate7.97.06.76.6-Not in labor force88,96391,28391,80891,455- Unemployment rates Total, 16 years and over7.97.06.76.6-Adult men (20 years and over)7.46.76.36.2-Adult women (20 years and over)7.26.26.05.9-Teenagers (16 to 19 years)23.520.820.220.7-White7.16.15.95.7-Black or African American13.812.411.912.1-Asian (not seasonally adjusted)6.55.34.14.8-Hispanic or Latino ethnicity9.78.78.38.4- Total, 25 years and over6.55.85.65.4-Less than a high school diploma12.010.69.89.6-High school graduates, no college8.17.37.16.5-Some college or associate degree7.06.46.16.0-Bachelor’s degree and higher3.83.43.33.2- Reason for unemployment Job losers and persons who completed temporary jobs6,6755,7315,3665,407-Job leavers984890862818-Reentrants3,5203,0653,0362,937-New entrants1,2741,1691,2011,184- Duration of unemployment Less than 5 weeks2,7532,4392,2552,434-5 to 14 weeks3,0772,5852,5062,429-15 to 26 weeks1,8671,7421,6511,689-27 weeks and over4,7074,0443,8783,646- Employed persons at work part time Part time for economic reasons7,9837,7237,7717,257-Slack work or business conditions5,1174,8694,8844,405-Could only find part-time work2,6132,4992,5922,571-Part time for noneconomic reasons18,55618,85818,73119,165- Persons not in the labor force (not seasonally adjusted) Marginally attached to the labor force2,4432,0962,4272,592-Discouraged workers804762917837– December – January changes in household data are not shown due to the introduction of updated population controls.
NOTE: Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Detail for the seasonally adjusted data shown in this table will not necessarily add to totals because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.

Employment Situation Summary Table B. Establishment data, seasonally adjusted

ESTABLISHMENT DATA
Summary table B. Establishment data, seasonally adjusted
Category Jan.
2013
Nov.
2013
Dec.
2013(p)
Jan.
2014(p)
EMPLOYMENT BY SELECTED INDUSTRY
(Over-the-month change, in thousands)
Total nonfarm 197 274 75 113
Total private 219 272 89 142
Goods-producing 43 68 -13 76
Mining and logging 3 1 1 7
Construction 23 32 -22 48
Manufacturing 17 35 8 21
Durable goods(1) 9 19 2 15
Motor vehicles and parts 3.5 4.7 3.3 4.7
Nondurable goods 8 16 6 6
Private service-providing(1) 176 204 102 66
Wholesale trade 16.9 16.8 10.2 13.9
Retail trade 26.9 22.3 62.7 -12.9
Transportation and warehousing 9.8 32.4 10.6 9.9
Information -1 1 -10 0
Financial activities 8 -4 3 -2
Professional and business services(1) 45 73 4 36
Temporary help services 4.9 36.6 30.1 8.1
Education and health services(1) 17 25 -4 -6
Health care and social assistance 23.5 24.4 1.1 1.5
Leisure and hospitality 47 37 20 24
Other services 7 -1 7 4
Government -22 2 -14 -29
WOMEN AND PRODUCTION AND NONSUPERVISORY EMPLOYEES(2)
AS A PERCENT OF ALL EMPLOYEES
Total nonfarm women employees 49.4 49.5 49.5 49.4
Total private women employees 48.0 48.0 48.0 47.9
Total private production and nonsupervisory employees 82.6 82.6 82.6 82.6
HOURS AND EARNINGS
ALL EMPLOYEES
Total private
Average weekly hours 34.4 34.5 34.4 34.4
Average hourly earnings $23.75 $24.15 $24.16 $24.21
Average weekly earnings $817.00 $833.18 $831.10 $832.82
Index of aggregate weekly hours (2007=100)(3) 97.5 99.6 99.4 99.5
Over-the-month percent change 0.2 0.5 -0.2 0.1
Index of aggregate weekly payrolls (2007=100)(4) 110.5 114.8 114.6 114.9
Over-the-month percent change 0.4 0.8 -0.2 0.3
HOURS AND EARNINGS
PRODUCTION AND NONSUPERVISORY EMPLOYEES
Total private
Average weekly hours 33.6 33.7 33.5 33.5
Average hourly earnings $19.95 $20.30 $20.33 $20.39
Average weekly earnings $670.32 $684.11 $681.06 $683.07
Index of aggregate weekly hours (2002=100)(3) 104.9 107.1 106.6 106.7
Over-the-month percent change -0.2 0.5 -0.5 0.1
Index of aggregate weekly payrolls (2002=100)(4) 139.8 145.3 144.8 145.3
Over-the-month percent change 0.1 0.8 -0.3 0.3
DIFFUSION INDEX(5)
(Over 1-month span)
Total private (264 industries) 64.0 66.9 56.4 61.2
Manufacturing (81 industries) 56.8 65.4 59.9 54.3
Footnotes
(1) Includes other industries, not shown separately.
(2) Data relate to production employees in mining and logging and manufacturing, construction employees in construction, and nonsupervisory employees in the service-providing industries.
(3) The indexes of aggregate weekly hours are calculated by dividing the current month’s estimates of aggregate hours by the corresponding annual average aggregate hours.
(4) The indexes of aggregate weekly payrolls are calculated by dividing the current month’s estimates of aggregate weekly payrolls by the corresponding annual average aggregate weekly payrolls.
(5) Figures are the percent of industries with employment increasing plus one-half of the industries with unchanged employment, where 50 percent indicates an equal balance between industries with increasing and decreasing employment.
(p) Preliminary
NOTE: Data have been revised to reflect March 2013 benchmark levels and updated seasonal adjustment factors.

Weakness Continues as 113,000 Jobs Are Added in January

Employers added jobs at a slower-than-expected pace in January, the second month in a row that hiring has been disappointing and a sign that the labor market remains anemic despite indications of growth elsewhere in the economy.

Payrolls increased by 113,000, the Labor Department reported Friday morning, well below the gain of 180,000 that economists expected. The unemployment rate, based on a separate survey of households that was more encouraging, actually fell by a tenth of a percentage point, to 6.6 percent.

The data for January come after an even more disappointing report on the labor market for December, which was revised upward only slightly Friday, to show a gain of just 75,000 jobs, from 74,000. The level of hiring in January was also substantially below the average monthly gain of 178,000 positions over the last six months, as well as the monthly addition of 187,000 over the last year.

The two weak months in a row will prompt questions about whether the Federal Reserve acted prematurely when policy makers in December voted to begin scaling back the central bank’s expansive stimulus efforts.

The new data is not expected to alter the Fed’s course, economists said, but another poor report on hiring next month might force policy makers to rethink their plan when they next meet in late March.

“In one line: grim,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics, in a note to clients Friday morning.

While seasonal adjustments may have played a role and upward revisions for hiring in October and November were more encouraging, he said, “The payroll rebound clearly is disappointing; none of the ground lost in December was recovered.”

Other economists conceded the picture for January was hardly bright, but cautioned it was too soon to conclude there had been a fundamental loss of momentum in the economy, especially given seasonal fluctuations in the data and the possibility that weather inhibited some hiring.

“We’re not seeing the takeoff that people wanted to see, but it’s not a disaster,” said Julia Coronado, chief economist for North America at BNP Paribas. “The 113,000 figure is definitely way below trend, but we want another month or two of data before we can draw conclusions.”

One mystery economists will be focusing on is why employment gains have not kept up with economic growth as measured by gross domestic product, which picked up substantially in the second half of 2013. The annualized pace of expansion was 3.2 percent in the fourth quarter, and 4.1 percent in the third quarter.

One reason may be that new technologies are allowing employers to make do with fewer workers, for instance the use of automated customer service systems instead of call centers, or Internet retailers’ taking over from brick-and-mortar stores where sales associates prowl the floors.

Another shift is evident from the yawning gap in employment for college graduates versus workers who lack a high school diploma. For people with a college degree or higher, the jobless rate was 3.1 percent, compared with 9.6 percent for Americans who did not finish high school.

Wintry conditions that held back hiring were blamed for the weakness in December, a theory popular among more optimistic economists after those numbers came out in early January.

But despite what seems like an endless series of snowstorms on the East Coast and arctic conditions in the Midwest recently, the reference week for the latest survey was Jan. 12-18, when conditions were fairly normal as Januaries go, limiting some of the impact of the weather in this report.

In the report on January, one sector holding back payrolls was the government, which shrank by 29,000 jobs in January. Excluding that loss, private employers added 142,000 positions, a slightly better showing.

Several other sectors which had been strong in recent months – education and health care as well as retailing – also lost positions, contributing to the overall weakness.

The falloff in hiring in the health care sector was especially notable. In December and January together, just 2,600 health care positions were filled. By contrast, as recently as November, nearly 25,000 health care workers were added to payrolls.

Although this area of the economy is going through a transformation as President Obama’s new health care plan is slowly introduced, that is unlikely to have caused the abrupt slowdown in hiring, said Ethan Harris, a head of global economics at Bank of America Merrill Lynch. If anything, he said, the law should create new jobs in the sector as health care coverage is expanded, even if higher costs for some employers result in job cuts elsewhere in the economy.

As for retail, which lost nearly 13,000 jobs in January, some of that reduction could have essentially been because of excessive hiring in December, Mr. Harris said, when stores added nearly 63,000 positions as the holiday shopping season peaked. The cuts may also have been spurred by weak results at some retailers, with chains like J. C. Penney announcing major job cuts last month, and Loehmann’s, the venerable discounter, now in liquidation.

The employment-population ratio, which has been falling as more workers drop out of the job market, edged up 0.2 percentage points to 58.8 percent. In recent years, the exit of people from the work force has reduced the unemployment rate, but it is a sign that people are giving up hope of finding a job in the face of slack conditions, hardly the way policy makers would like to see joblessness come down.

http://www.nytimes.com/2014/02/08/business/us-economy-adds-113000-jobs-unemployment-rate-at-6-6.html?_r=0

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, JANUARY 30, 2014
BEA 14-03

* See the navigation bar at the right side of the news release text for links to data tables,
contact personnel and their telephone numbers, and supplementary materials.

Lisa S. Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov
Recorded message: (202) 606-5306
Jeannine Aversa: (202) 606-2649 (News Media)
National Income and Product Accounts
Gross Domestic Product, 4th quarter and annual 2013 (advance estimate)
      Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 3.2 percent in the fourth quarter of 2013
(that is, from the third quarter to the fourth quarter), according to the "advance" estimate released by the
Bureau of Economic Analysis.  In the third quarter, real GDP increased 4.1 percent.

      The Bureau emphasized that the fourth-quarter advance estimate released today is based on
source data that are incomplete or subject to further revision by the source agency (see the box on page 4
and "Comparisons of Revisions to GDP" on page 5).  The "second" estimate for the fourth quarter, based
on more complete data, will be released on February 28, 2014.

      The increase in real GDP in the fourth quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), exports, nonresidential fixed investment, private inventory
investment, and state and local government spending that were partly offset by negative contributions
from federal government spending and residential fixed investment.  Imports, which are a subtraction in
the calculation of GDP, increased.

      The deceleration in real GDP in the fourth quarter reflected a deceleration in private inventory
investment, a larger decrease in federal government spending, a downturn in residential fixed
investment, and decelerations in state and local government spending and in nonresidential fixed
investment that were partly offset by accelerations in exports and in PCE and a deceleration in imports.

      The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.2 percent in the fourth quarter, compared with an increase of 1.8 percent in the third.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.7 percent in
the fourth quarter, compared with an increase of 1.5 percent in the third.

_______
FOOTNOTE.  Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified.  Quarter-to-quarter dollar changes are differences between these published estimates.  Percent
changes are calculated from unrounded data and are annualized.  "Real" estimates are in chained (2009)
dollars.  Price indexes are chain-type measures.

This news release is available on www.bea.gov along with the Technical Note and Highlights 
related to this release.
_______

      Real personal consumption expenditures increased 3.3 percent in the fourth quarter, compared
with an increase of 2.0 percent in the third. Durable goods increased 5.9 percent, compared with an
increase of 7.9 percent.  Nondurable goods increased 4.4 percent, compared with an increase of 2.9
percent.  Services increased 2.5 percent, compared with an increase of 0.7 percent.

      Real nonresidential fixed investment increased 3.8 percent in the fourth quarter, compared with
an increase of 4.8 percent in the third.  Nonresidential structures decreased 1.2 percent, in contrast to an
increase of 13.4 percent.  Equipment increased 6.9 percent, compared with an increase of 0.2 percent.
Intellectual property products increased 3.2 percent, compared with an increase of 5.8 percent.  Real
residential fixed investment decreased 9.8 percent, in contrast to an increase of 10.3 percent.

      Real exports of goods and services increased 11.4 percent in the fourth quarter, compared with
an increase of 3.9 percent in the third.  Real imports of goods and services increased 0.9 percent,
compared with an increase of 2.4 percent.

      Real federal government consumption expenditures and gross investment decreased 12.6 percent
in the fourth quarter, compared with a decrease of 1.5 percent in the third.  National defense decreased
14.0 percent, compared with a decrease of 0.5 percent.  Nondefense decreased 10.3 percent, compared
with a decrease of 3.1 percent.  Real state and local government consumption expenditures and gross
investment increased 0.5 percent, compared with an increase of 1.7 percent.

      The change in real private inventories added 0.42 percentage point to the fourth-quarter change
in real GDP after adding 1.67 percentage points to the third-quarter change.  Private businesses
increased inventories $127.2 billion in the fourth quarter, following increases of $115.7 billion in the
third quarter and $56.6 billion in the second.

      Real final sales of domestic product -- GDP less change in private inventories -- increased 2.8
percent in the fourth quarter, compared with an increase of 2.5 percent in the third.

Gross domestic purchases

      Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 1.8 percent in the fourth quarter, compared with an increase of 3.9 percent in the
third.

Disposition of personal income

      Current-dollar personal income increased $69.4 billion (2.0 percent) in the fourth quarter,
compared with an increase of $140.0 billion (4.0 percent) in the third.  The deceleration in personal
income primarily reflected downturns in personal dividend income and in farm proprietors’ income and
a deceleration in personal current transfer receipts that were partly offset by an acceleration in wages
and salaries.

      Personal current taxes increased $23.7 billion in the fourth quarter, in contrast to a decrease of
$11.0 billion in the third.

      Disposable personal income increased $45.7 billion (1.5 percent) in the fourth quarter, compared
with an increase of $151.0 billion (5.0 percent) in the third.  Real disposable personal income increased
0.8 percent in the fourth quarter, compared with an increase of 3.0 percent in the third.

      Personal outlays increased $118.6 billion (4.0 percent) in the fourth quarter, compared with an
increase of $113.4 billion (3.9 percent) in the third.  Personal saving -- disposable personal income less
personal outlays -- was $545.1 billion in the fourth quarter, compared with $618.0 billion in the third.

      The personal saving rate -- personal saving as a percentage of disposable personal income -- was
4.3 percent in the fourth quarter, compared with 4.9 percent in the third.  For a comparison of personal
saving in BEA’s national income and product accounts with personal saving in the Federal Reserve
Board’s financial accounts of the United States and data on changes in net worth, go to
www.bea.gov/national/nipaweb/Nipa-Frb.asp.

Current-dollar GDP

      Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
4.6 percent, or $189.6 billion, in the fourth quarter to a level of $17,102.5 billion.  In the third quarter,
current-dollar GDP increased 6.2 percent, or $251.9 billion.

2013 GDP

	Real GDP increased 1.9 percent in 2013 (that is, from the 2012 annual level to the 2013 annual
level), compared with an increase of 2.8 percent in 2012.

      The increase in real GDP in 2013 primarily reflected positive contributions from personal
consumption expenditures (PCE), exports, residential fixed investment, nonresidential fixed investment,
and private inventory investment that were partly offset by a negative contribution from federal
government spending.  Imports, which are a subtraction in the calculation of GDP, increased.

      The deceleration in real GDP in 2013 primarily reflected a deceleration in nonresidential fixed
investment, a larger decrease in federal government spending, and decelerations in PCE and in exports
that were partly offset by a deceleration in imports and a smaller decrease in state and local government
spending.

      The price index for gross domestic purchases increased 1.2 percent in 2013, compared with an
increase of 1.7 percent in 2012.

      Current-dollar GDP increased 3.4 percent, or $558.4 billion, in 2013, compared with an increase
of 4.6 percent, or $710.8 billion, in 2012.

      During 2013 (that is, measured from the fourth quarter of 2012 to the fourth quarter of 2013) real
GDP increased 2.7 percent.  Real GDP increased 2.0 percent during 2012.  The price index for gross
domestic purchases increased 1.1 percent during 2013, compared with an increase of 1.5 percent in
2012.

________
BOX.	  Information on the assumptions used for unavailable source data is provided in a technical note
that is posted with the news release on BEA's Web site.  Within a few days after the release, a detailed
"Key Source Data and Assumptions" file is posted on the Web site.  In the middle of each month, an analysis
of the current quarterly estimate of GDP and related series is made available on the Web site; click on
Survey of Current Business, "GDP and the Economy."  For information on revisions, see "Revisions to GDP, GDI,
and Their Major Components."
________

      BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov.  By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

                                      *          *          *

                          Next release -- February 28, 2014 at 8:30 A.M. EST for:
                  Gross Domestic Product:  Fourth Quarter and Annual 2013 (Second Estimate)

                                      *          *          *

Release dates in 2014

Gross Domestic Product

           		2013: IV and 2013 annual    	2014: I     	2014: II       	  2014: III

Advance...		January 30            	        April 30	July 30		  October 30
Second....		February 28          	        May 29      	August 28	  November 25
Third..... 		March 27             	        June 25     	September 26	  December 23

Corporate Profits

Preliminary...          ......	                        May 29         August 28         November 25
Revised....... 		March 27             	        June 25        September 26      December 23

                                            Comparisons of Revisions to GDP

     Quarterly estimates of GDP are released on the following schedule:  the "advance" estimate, based on
source data that are incomplete or subject to further revision by the source agency, is released near the end of the
first month after the end of the quarter; as more detailed and more comprehensive data become available,
the "second" and "third" estimates are released near the end of the second and third months, respectively.
The "latest"” estimate reflects the results of both annual and comprehensive revisions.

     Annual revisions, which generally cover the quarters of the 3 most recent calendar years, are usually carried
out each summer and incorporate newly available major annual source data.  Comprehensive (or benchmark)
revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as
improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S.
economy.

The table below shows comparisons of the revisions between quarterly percent changes of current-dollar
and of real GDP for the different vintages of the estimates.  From the advance estimate to the second estimate (one
month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the
advance estimate to the third estimate (two months later), it is 0.6 percentage point.  From the advance estimate to
the latest estimate, the average revision without regard to sign is 1.3 percentage points.  The average revision
(with regard to sign) from the advance estimate to the latest estimate is 0.3 percentage point, which is larger
than the average revisions from the advance estimate to the second or to the third estimates.  The larger average
revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as
the incorporation of BEA’s latest benchmark input-output accounts.  The quarterly estimates correctly indicate the
direction of change of real GDP 97 percent of the time, correctly indicate whether GDP is accelerating or
decelerating 72 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend
growth more than four-fifths of the time.

                           Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
                                                     [Annual rates]

       Vintages                                   Average         Average without     Standard deviation of
       compared                                                    regard to sign      revisions without
                                                                                         regard to sign

____________________________________________________Current-dollar GDP_______________________________________________

Advance to second....................               0.2                 0.5                  0.4
Advance to third.....................                .2                  .7                   .4
Second to third......................                .0                  .3                   .2

Advance to latest....................                .3                 1.3                  1.0

________________________________________________________Real GDP_____________________________________________________

Advance to second....................               0.1                 0.5                  0.4
Advance to third.....................                .1                  .6                   .4
Second to third......................                .0                  .2                   .2

Advance to latest....................                .3                 1.3                  1.0

NOTE.  These comparisons are based on the period from 1983 through 2010.http://bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

Make a Comment

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Liked it here?
Why not try sites on the blogroll...

%d bloggers like this: