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The 243,000 increase in payrolls was the most since April and exceeded all forecasts in a Bloomberg News survey, Labor Department figures showed in Washington. The unemployment rate dropped to 8.3 percent, the lowest since February 2009.
The unemployment rate, derived from a separate survey of households, was forecast to hold at 8.5 percent, according to the survey median. The drop in the jobless rate reflected a 381,000 decrease in unemployment at the same time 250,000 Americans entered the labor force.
Originally posted by Rockpuck
And for the Obamafanatics out there you're lucky. By Novemember the Unemployment rate should be around 7.5-7.8% at current trends, meaning the economy will be nearing "good" stage. Even though there will still be millions of unemployed workers, and the economy still will be !@$^.
Professional and business services continued to add jobs in January (+70,000).
About half of the increase occurred in employment services (+33,000).
Job gains also occurred in accounting and bookkeeping (+13,000)
and in architectural and engineering services (+7,000)
Not to mention that when you move from unemployed to a temp hire you're considered "working".. when you move from a temp hire to unemployed you disappear. The Government has absolutely no classification for you. Most Government sources only count those working for an actual firm, usually for a minimum of 9 months (3 quarters) or a full year.
A month ago, we joked when we said that for Obama to get the unemployment rate to negative by election time, all he has to do is to crush the labor force participation rate to about 55%. Looks like the good folks at the BLS heard us: it appears that the people not in the labor force exploded by an unprecedented record 1.2 million. No, that's not a typo: 1.2 million people dropped out of the labor force in one month!