The National Unemployment rate dropped - unexpectedly to 8.3%, a level not seen since 2009.
Has the worm finally turned?
What effect will this have on the Republican candidates as they rally against a faltering economy that appears to be picking up speed on a turnaround to the positive?
The latest jobs report shows a gain of 243,000 jobs last month. It also revised previous reports to larger gains in earlier months than reported. The overall labor force expanded by 500,000 showing that even long term unemployed are returning to the workforce providing more support for an upswing in the US economic forecast. The current average pay-rate has been revised to $23.29 an hour, a 0.2% rise last month and 1.9% overall for the previous year.
The US economy has been gaining strength for nearly six months straight. The reports are showing continued signs that the effects of the US economic crisis are finally starting to fade.
The GOP hopefuls are saying that the new data is still to little too late for President Obama to go beyond a one term Presidency.
The US is still down 5.5 Million jobs overall.
What should we expect for interest rates?
Will interest rates hold or start to rise if we see the next reports continuing the growth of employment?
Are we about to face an inflationary clamp stunt our economic rebound?
Read the following source stories:
the Sydney Morning Herald: Jobs Growth Re-writes Obama's Script
CNN's Political Ticker: Republicans Respond to new economic numbers
the Wall Street Journal: A January jobs thaw
Business Week: Payrolls Jump Casts Doubt on Fed's Rate Pledge
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