U.S. payroll rises failed to meet projections for January, thanks to retailers cutting back after the busy holiday shopping season and declining government hiring. “It’s another disappointment, but it’s not anything disastrous,” said Julia Coronado, New York-based chief economist for North America at BNP Paribas and a former Fed economist. “We’re still in muddle-along territory rather than take-off mode. There isn’t the kind of momentum in hiring.” It remains to be seen if and how this data will affect the Federal Reserve’s $10-billion per session stimulus tapering. The Fed’s next session is in March.
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