243K New Jobs; U3 At 8.3%
The United States economy gained momentum in January, adding 243,000 jobs, the second straight month of better-than-expected gains. The unemployment rate fell to 8.3 percent, giving a cause for optimism as the economy shapes up as the central issue in the presidential election. The Labor Department’s monthly snapshot of the job market uses a different survey, of households rather than employers, to calculate the unemployment rate.
Both the unemployment rate and the number of jobless — which fell to 12.7 million — were the strongest since February 2009, President Obama’s first full month in office.
The job growth numbers really do not match the economic growth numbers so, to me at least, this is a little perplexing. Call it recovery-less job growth. But good news is good news. And this is unreservedly good news. Not just for President Obama, who will assuredly win reelection if this trend holds up (over 200,000 jobs were created in December.)
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