The Labor Department reports the US created 227,000 new jobs in January. It was the largest gain in four months. Economists expected only 197,000 new nonfarm jobs. The unemployment rate rose 4.8%, mostly because more people were looking for work. Hourly wages rose 0.1% to $26 an hour. Wages have climbed 2.5% over the past year. The Labor Foce Participation rate was 62.9%, the best in four months. Those Americans not in the labor force fell by 736,000.
March crude is up 0.6% to $54.11 a barrel on the New York Merc. Analysts believe OPEC is complying with more than 80% of its targeted production cuts, in place since the start of the year to address the global glut of oil. Data from the Russian Energy Ministry released yesterday shows it’s production of oil and condensate dropped by around 100,000 barrels a day from December’s output. The report shows oil-producing nations beyond OPEC are adhering to the deal that calls for a collective reduction in output of 1.8 million barrels a day, or about 2% of the world’s daily production.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
