January jobs report released after brief government shutdown

(CBS, KYMA) - After a brief government shutdown, the delayed January jobs report is out, and it's stronger than expected.

Employers added 130,000 jobs last month, double economists' expectations, while the unemployment rate ticked down slightly to 4.3%.

Sectors like healthcare and social assistance saw continued growth, and even construction bounced back after losses last year, but payrolls fell in federal government and parts of the finance industry last month.

While this report shows stronger momentum than December, Bankrate economist Mark Hamrick says if anyone is looking for a job this year, approach the search with cautious optimism.

"January looked a little brighter, but that doesn't mean that the recent past in the job market has looked very good. Job search times are certainly taking much longer than would have been in the past. This is not a red-hot job market. We now have Fewer job openings than we have total unemployed, and that means that people are going to have to be patient, maybe a little more diligent or creative as they look for work out there."

Mark Hamrick, Bankrate Senior Economist

Hamrick says January's job growth may also reflect seasonal hiring in retail and logistics after the holidays, plus winter weather-related shifts that kept some businesses busier than usual.

We can expect more data on the economy this week as the latest inflation numbers will be released by the Labor Department Friday.