Unemployment Rate Drops to 5.6 Percent; 112,000 Jobs Added (More recovery news)

Newsmax ^ | Feb 6, 2004 | AP

[taxcontrol]

The nation's unemployment rate dropped to 5.6 percent in January to the lowest level in more than two years as companies added 112,000 jobs, providing fresh signs the prolonged hiring slump may be ending. The jobless rate fell 0.1 percentage point last month to the lowest level since October 2001, when it was 5.4 percent, the Labor Department said Friday. January's rate matched the 5.6 percent posted in January 2002.

Employers added jobs last month at a pace not seen in three years. The last time payrolls expanded more than 112,000 was in December 2000, when companies added 124,000 positions.

January's hiring gains marked the fifth straight month of increases, and followed a revised 16,000 new jobs added in December, better than the 1,000 initially reported.

Hiring by retailers and construction companies accounted for much of the overall increase in payrolls. However, the nation's factories continued shedding jobs, though at a slower pace than in previous months.

The report provided hope that the economic recovery was finally reaching the labor market. But economists still had concerns. They had predicted payrolls to jump by 150,000 or more last month.

[taxcontrol]

More good economic news!

[KellyAdmirer]

But, well, as the Kerry folks will want to know, what does this have to do with Vietnam and the National Guard?

[1rudeboy]

We're doomed ^TM.

[gov_bean_ counter]

Held down by the weather. Record snowfall in many areas of the country. Ice storms in other areas.

[1rudeboy]

This news bodes ill for the Constitution Party.

[KC_Conspirator]

I am curious if these are net numbers, which they sound like. What were the job losses last month?

[Texas_Dawg]

This news bodes ill for the Constitution Party.

What doesn't?

(Besides wack-job, schizophrenic, conspiracy theories, of course.)

[samtheman]

By summertime, the unemployment rate will be around 4%.

[johnb838]

YEah, but you know they'll all be poorly paying McJobs.

[Morgan's Raider]

Yep, but Dan Blather, doing his best imprtession of a mortician, laments that it's "not enough" - providing editorial comment for the DNC on the nightly news, as always.

[Lib-Lickers 2]

its that damn NAFTA that Clinton campaigned for and signed into law,,,Right??,, wasn't he the President who signed it into law?,,, all these negative waves Moriarity the economy is booming,,,

[Revolting cat!]

112,000 Jobs Added

THIS JUST IN:

Celebrations in Bangalore!