Nonfarm Payrolls Rise Modest 146,000 in January

U.S. nonfarm payrolls grew by a lower-than-expected 146,000 in January even as the unemployment rate dipped to a three-year low of 5.2 percent, the Labor Department reported Friday.

Nonfarm payrolls rose to a seasonally adjusted record of 132.6 million, as employment broke the February 2001 pre-recession peak for the first time.

With the January payroll increase and an upward revision to past data, job growth in President Bush’s first term totaled 119,000, letting him avoid the stigma of being the first president since Herbert Hoover to preside over net job losses.

“Job creation was disappointing in January,” said Sophia Koropeckyj, an economist for Economy.com.

“We knew our policies were boosting the economy, and now we know that job creation was even better than we had thought,” said House Budget Chairman Jim Nussle, R-Iowa.

Economists were expecting payroll growth of about 189,000, according to a survey conducted by MarketWatch. The jobless rate was expected to remain at 5.4 percent.

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