The major averages closed lower following several economic reports released early Friday. The first report was the January Employment Report. Nonfarm payrolls came in a bit weaker than expected, falling 89K versus the consensus expectation for a 50K decline. Yet the big surprise in this report was the drop in the unemployment rate to 5.6% from 5.8% -- the consensus expectation was for a reading of 5.9%. Getting into the details of the report, January saw an 89K decline in manufacturing payrolls which matched the overall decline. At the same time, service-producing payrolls rose 56K as seasonal effects helped to lift retail payrolls 62K while health services added... [Full Story <http://my.money.net/scripts/scoop?t=f&;d=20020204&u=http://www.money.net/scripts/wrap%3Fname%3Dcontent/istocks%26wrap%3Dyes<]
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