LYCOS RETRIEVER
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.
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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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