January Jobs: Unemployment Rate Falls, But Job Creation Remains Weak

They’re calling this a “weird” jobs report, which I suppose is another way of saying “unexpectedly!” The January 2014 jobs report from the BLS is out, and it paints a picture of an economy that is still not very strong. While the official unemployment rate fell to a five-year low of 6.6%, the economy created just 113,000 jobs. Job growth averaged 194,000 new jobs per month in 2013.

The participation rate increased slightly, but the number of discouraged workers remains pretty much unchanged over the past year. That does not whisper “recovery,” let alone scream it.

This is the second bad jobs report in a row, and like the last one, the White House will probably react by claiming to be “happy” at the “solid” report.