U.S. Employers Add Just 151,000 Jobs in January, Fewer Than Expected

The U.S. economy created 151,000 jobs in January, fewer jobs than had been expected. John Canally, Chief Economic Strategist with LPL Financial, believes the pace of job growth will slow considerably this year. He also believes the risks for a recession on increasing. January’s unemployment rate fell to 4.9%, while average hourly earnings increases 0.5%. The average work week also increased. But, numbers from November and December were revised lower to show that 2,000 fewer jobs were created than what had previously been reported. The slowdown in jobs growth could serve to give the Fed pause at their March meeting when another interest rate hike had been expected. TheStreet's Rhonda Schaffler has details from Wall Street.