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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... 
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