Kokomo Tribune; Kokomo, Indiana

Business

February 7, 2014

US employers add 113K jobs; rate dips to 6.6 pct.

(Continued)

The anxiety marks a reversal from a few weeks ago, when most analysts were increasingly hopeful about the global economy. U.S. growth came in at a sturdy 3.7 percent annual pace in the second half of last year. The Dow Jones industrial average finished 2013 at a record high. Europe's economy was slowly emerging from a long recession. Japan was finally perking up after two decades of stagnation.

But then came December's weak jobs total. And on Monday, an industry survey found that manufacturing grew much more slowly in January than in December. A measure of new orders in the report sank to the lowest level in a year. That report contributed to a dizzying 326-point plunge in the Dow Jones industrial average.

Also this week, automakers said sales slipped 3 percent in January. And last week, a measure of signed contracts to buy homes fell sharply, according to the National Association of Realtors.

On a more hopeful note, a survey of service sector companies, including retailers, banks and restaurants, found that they grew faster in January than in December.

Friday's report showed that some higher-paying industries added jobs in January. Factories created 21,000 new positions. Professional and technical services, which includes architects and engineers, added 20,000.

But health care employment was mostly unchanged for a second straight month, after adding 17,000 jobs a month last year. And retailers cut 12,900 jobs, the most in 18 months.

And government shed 29,000 jobs, mostly in education and the Postal Service. That was the biggest drop in government employment in 15 months.

Average hourly earnings rose 5 cents to $24.21, the report said. Average hourly pay has increased 1.9 percent in the past year, slightly ahead of the 1.5 percent inflation rate.

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AP Economics Writer Josh Boak contributed to this report.

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Follow Chris Rugaber on Twitter at http://Twitter.com/ChrisRugaber

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