By Dave Anderson:
An actual piece of very good news on the job front via the BLS:
Total nonfarm payroll employment rose by 243,000 in January, and the
unemployment rate decreased to 8.3 percent, the U.S. Bureau of Labor
Statistics reported today. Job growth was widespread in the private
sector, with large employment gains in professional and business
services, leisure and hospitality, and manufacturing. Government
employment changed little over the month....
The unemployment rate declined by 0.2 percentage point in January to
8.3 percent; the rate has fallen by 0.8 point since August.
All backward looking data has also been revised upwards. 243,000 new jobs in a month is a pace that is sufficient to actually tighten up the labor market and thus improve wages/income.