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Jan. Jobless Rate Fell To 5.6%, Ending 8-Mo. Rise; Job Cuts Slowed Loss Of 89,000 Is Still High Data show payrolls likely to lag even as recovery for factories gains steam.(A)
Byline: DONALD H. GOLD
The jobless rate fell to 5.6% in January from December's 5.8%, the first drop in eight months, the Labor Department said Friday.
And fewer jobs were lost. Employers cut just 89,000 nonfarm jobs, the smallest loss since the terror attack stunned the economy.
The data show the labor market weak, but firmer. The jobless rate's small dip was driven by a shrinking work force.
The civilian work force fell 924,000. Analysts say many job seekers gave up or delayed their search for new work. And while the 89,000 job losses were the fewest since August, the number was still worse than expected.
Seasonal factors may have distorted the data.
Retailers added 62,000 jobs for the month. The industry hired fewer workers than normal for Christmas and laid off fewer than usual in January. Seasonal factors translate that into added jobs.
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