Economy
February 10, 2020
January Job Creation Numbers Encouraging
Written by Peter Wright
Net job creation in January was an encouraging 225,000, up from 147,000 in November, but down from the exceptional result of 261,000 in October. In the January report, the Bureau of Labor Statistics (BLS) made substantial historical revisions. In this SMU analysis, we revised our data back to January 2017. Rising employment and wages are the main contributors to GDP growth because personal consumption accounts for almost 70 percent of GDP. Steel consumption is related to GDP; therefore this is one of the indicators that help us understand the reality of the steel market.
