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Here's What the Bizarre, Not-So-Fantastic Jobs Report Told Us

NEW YORK (TheStreet) -- The Labor Department reported Friday that the U.S. added 113,000 jobs in January, while the unemployment rate dipped to 6.6%.

December payrolls were upwardly revised to 75,000 from a prior reading of 74,000. The final November revision increased to 274,000 jobs added form a previous report of 241,000.

"The disappointing 113,000 increase in non-farm payrolls in January cannot be blamed on the weather but, nonetheless, with the unemployment rate continuing to edge lower, to only 6.6% last month, we expect the Fed to maintain its policy of reducing the pace of its asset purchases gradually," Paul Ashworth, chief U.S. economist at Capital Economics, wrote in a note to clients.

The labor force participation rate gained to 63% from a prior 62.8% reading.

U.S. futures initially fell on the news but quickly rebounded. Futures for the S&P 500 were rising 7 points to 1,774, while futures for the Dow Jones Industrial Average were up 67 points to 15,621. Nasdaq futures rose 20 points to 3,507.

-- Written by Joe Deaux in New York.

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