US job creation slows along with jobless rate

US job creation slowed sharply over the past two months, turning in the weakest performance in three years. At the same time, however, the unemployment rate hit a new five-year low of 6.6% in January.

The Jekyll and Hyde report from the Labour Department yesterday whipsawed US markets in early trade. Many economists cautioned against reading too much into it given the extreme weather that has hit much of the nation this winter.

Nonfarm payrolls rose only 113,000 last month after a meager 75,000 gain in December.