US Cheerful Jobs Report…

By IBTimes Staff Reporter | February 05 2010 1:45 PM

US last month unemployment plunged cheerfully and unexpectedly to 9.7%, which is of course better than the market forecasts and prior reading of 10.0%, while the change in Nonfarm Payrolls came in at -20 thousand; lower than the expected 15 thousand but better than the prior revised reading of -150 thousand from -85 thousand, however the Change in Manufacturing Payrolls rose cheerfully to 11 thousand, which is better than the forecasted -20 thousand and the prior revised reading of -23 thousand from -27 thousand.

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Moreover, the Average Hourly Earnings for January rose to 0.3%; better than the prior and forecasted readings of 0.2%, while for the year ending January it climbed up to 2.5%, which is better than the expected 2.2% and the prior revised 2.4% from 2.2%, plus the Average Weekly Hours inclined to 33.3, which is better than the market expectations and prior reading of 33.2.