Home Business US economy adds only 113,000 jobs in January 2014

US economy adds only 113,000 jobs in January 2014

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According to official figures, the US economy added 113,000 jobs in January, weaker than expected for a second consecutive month.

Economists had predicted an increase of about 180,000 new jobs last month.

However, the unemployment rate fell to 6.6%, the lowest level since October 2008, as more people began looking for work.

The US economy added 113,000 jobs in January, weaker than expected for a second consecutive month

The US economy added 113,000 jobs in January, weaker than expected for a second consecutive month

The jobless figures will raise concern that, after a strong second half of 2013, growth in the US economy is beginning to lose its steam.

Earlier this week an unexpectedly weak manufacturing report raised concerns about the strength of the US economy and sent the Dow Jones tumbling by 326 points.

December’s surprisingly weak figure was revised up only modestly to 75,000, from 74,000.

The construction industry, most vulnerable to the impact of bad weather, added 48,000 in January indicating that while the weather may been responsible for December’s weak figures, it does not appear to have been a factor in January.

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Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.