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Payrolls: December
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Insurance payrolls fell by 5,700 in January to 2.327 million, following a revised 6,300 job gain in December. December's increase previously had been reported as 3,500. As a result of an annual benchmark revision to the payroll series, December's initial insurance industry payroll level of 2.
The drop in payrolls in January was the first since August 2003. The median forecast was for a payrolls gain of 70,000, compared with an initially reported increase of 18,000 in December. Forecasts ranged from gains of 5,000 to 160,000.
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According to the report, Pennsylvania enjoyed modest job growth in December, with private sector payrolls climbing by 3,400. That compares to a decline in national private sector payrolls of 13,000. Less reassuring, the state unemployment rate grew by half a percentage point to 4.7 percent, compared to a U.S. unemployment rate of 5 percent.
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