Stocks May Open Higher Following Jobs Report

On a year-over-year basis, average weekly earnings have increased from $1,042.33 in January 2016, up 3.2 percent for the 12-month period.

Now, the continued demand for workers to fill new positions is finally pushing wages higher, according to Jim O'Sullivan, chief USA economist at High Frequency Economics. One of his top economic advisers, former Goldman Sachs President Gary Cohn, once called the unemployment rate "very, very fictitious", and Trump's press secretary, Sean Spicer, recently refused to say what the rate is. Even with the increase, the rate remains near the lowest level since the 1970s. A year ago, the U-6 was 9.9 percent. January's job growth was broad-based, with almost every major private industry adding jobs.

As for the revisions, once a year, the Labor Department publishes a report that revises the monthly totals for the entire previous calendar year. At the same time, the Institute for Supply Management's measure of factory employment hit its highest level since August 2014.

So while Trump can't be blamed for disappointing data or take credit for a good report, next month is all his! One might also expect it to affect teen unemployment (which was up), unemployment of those with less than a high school education (which fell by 0.2) or those with a high school education (which was up by 0.2 to 5.3 percent). The unemployment rate increased slightly from December, ticking up from 4.7 percent to 4.8 percent.

The January gain marked the 76th consecutive month of overall job growth.

The president is thought to have arrived at his figure by subtracting the labor force population - around 159 million people - from 255 million, the total US population older than 16.

The unemployment rate ticked up to 4.8 percent from 4.7 percent in December, mainly because more Americans started looking for work.

"I think when you look at the confidence indexes - I'm not going to get into it because unfortunately we don't have that kind of breakdown", Spicer said.

Excuse me, but 187K per month wasn't a "robust jobs market". The government's official definition of unemployment excludes people who aren't actively looking for work, which means some people who want jobs don't count as unemployed.

All sectors of the economy are expected to have added jobs in January. The manufacturing sector continued its rebound from months of decline last month, adding 5,000 jobs.

Government employment likely increased in January for a third straight month. The Fed declined to raise rates this week at its first meeting since Trump took office, but published an upbeat assessment of the United States economy.

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