Payrolls Rise by 193,000; Unemployment Rate Drops to 4.7%

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ayrolls rose by 193,000 jobs in January and the nation’s unemployment rate fell to 4.7% from 4.9% in December, the Labor Department reported Friday.

The gain fell short of analysts’ forecasts of the economy adding 250,000 more jobs, Bloomberg reported.

The economy also added 81,000 more jobs than previously reported in November and December, Labor said.

ecause employment levels drive so much economic activity, an increase in employment can help consumer confidence and spending patterns, which affect trucking demand.

Manufacturing employment rose by 7,000 jobs, after cutting 1,000 in December. The manufacturing workweek held at 40.8 hours for a third straight month.

ervice-industry employment, which includes retailers, banks and government agencies, rose by 135,000 following a 131,000 gain in December.