US unemployment rate drops in January

The US unemployment rate unexpectedly fell to 5

The US unemployment rate unexpectedly fell to 5.7 per cent in January as businesses added 143,000 new jobs, according to the US Labor Department.

The increase in payroll jobs, mostly in the retail area, was the largest since November 2000, said this afternoon's Labour Department report. The overall rate dropped by 0.3 percentage point from the 6 per cent rate in December that matched an 8-year high.

Analysts had expected the unemployment rate to hold steady at 6 per cent for a third straight month, with a more modest increase in payrolls. They warned January's report was unusual and may not reflect a true picture of the jobs market.

The surge in new jobs was concentrated in stores, restaurants and bars last month, which added 101,000 new positions.

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Economists had predicted that retail hiring would pick up because holiday employment was well below normal. This meant that fewer seasonal workers were laid off in January.

The job growth marks a major improvement over December, when businesses cut 156,000 jobs, according to revised figures.