US US employment fell for the first time since 2003, the Labor Department reported on Friday, with non-farm payrolls falling by 17,000 jobs in January against a backdrop of recession fears.
The figure was well below most economists’ forecasts, which on average expected a gain of about 70,000 jobs. The number of jobs in construction, manufacturing and government declined, while it rose slightly in services and retailing. The data supported expectations for further interest rate cuts by the Federal Reserve.
