Job growth returned to the U.S. in January, with nonfarm payrolls increasing by 49,000 while the unemployment rate fell to 6.3%, the Labor Department said Friday in the first employment report of the Biden administration.
Economists surveyed by Dow Jones had been looking for growth of 50,000 and the unemployment to hold unchanged at 6.7%. However, many analysts on Wall Street had been looking for higher numbers; Citigroup had projected a gain of 250,000.
The soft report did not impact markets negatively, as stocks opened positive and longer-duration government bond yields moved higher.
The sharp drop in the unemployment came as the labor force participation rate edged lower to 61.4% and…