Friday, February 1, 2013 – 08:30 a.m.

The U.S. Department of Labor released its employment report for January this morning, and it wasn’t anything to beat a drum over.

Non-farm payrolls climbed by a meager 157,000. The consensus was for 165,000.

The unemployment rate (U-3) climbed to 7.9%. The primary reason for the increase is the low payroll growth and the fact that 170,000 workers exited the labor force.

The underemployment rate (U-6), a somewhat more accurate measure of total unemployment, remains unchanged at 14.4%.