The January Jobs Numbers

Last Friday, the Bureau of Labor Statistics released its report on the employment situation for the month of January. According to the payroll survery, 257,000 private-sector jobs were created in the first month of the year. Moreover, revisions added the number of people working in previous months. According to the household survey, the unemployment rate dropped from 8.5% to 8.3%. The news is positive but the magnitude of the change is still too small to affect the overall jobs outlook, which remains pretty miserable.

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