157,000 Jobs Added to Economy; Unemployment at 7.9%

WASHINGTON, DC-The Labor Department reported the US economy added 157,000 jobs in January. The unemployment rate also rose to 7.9%. The news, in short, was a mixed bag for the U.S.—the numbers provided some relief that the economy had not reversed its recovery after the latest GDP figures. Also, the Labor Department revised upwardly the job numbers for October, November and December. On the other hand, the number of jobs created was below analyst expectations.

That, however, did not dismay Doug Duncan, chief economist with Fannie Mae, who called the recent trend healthier than previously reported. With the revision, which, he noted was done partly because of an annual benchmark revision, added a total of 335,000 jobs in 2012.