WASHINGTON — The U.S. January employment report is weak on its face, representing a recession-type report, and remains weak even after accounting for a possible effect on state workers from the mid-month bank holiday.

U.S. January payrolls posted a 17,000 decline. The last time payrolls dropped was August 2003, in the aftermath of recession. Moreover, the December- net payroll revisions totaled a mere plus-9,000. The September to December net jobs revision was up 27,000, also barely significant at an average of 7,000 per month.

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