The January Bureau of Labor Statistics Economic Employment Summary released today is very typical of a January report. The U.S. economy lost 2.8 million jobs and the unemployment rate ticked up to 7.9% from 7.8%, but this is a typical swing at the beginning of the year because of the volume of seasonal holiday jobs that end after Christmas.

In January, an estimated 157,000 nonfarm jobs were added to the economy. The number of long-term unemployed had little change and sits at 4.7 million, which makes up 38.1% of the total unemployed.

The most significant gains were in Construction (+28,000), Health Care (+25,000), Professional and Business Services (+25,000), and Retail (+32,600). Meanwhile, the Transportation and Warehousing sector (-14,200) lost jobs.

Temporary help employment remained little changed but is up 5.1% year over year.

Meanwhile, the stock market is at its highest level since October 2007.