In January the economy added 113,000 new jobs. That’s better than December’s dismal 75,000 but nowhere near the 200,000 jobs that the economy was adding from August through November last year, nor the number needed to feed robust economic growth. The unemployment rate went down to 6.6 percent from 6.7 percent.
But the labor participation rate ticked up two notches to 63, from 62.8 last month. It’s still below the 63.6 where it was last January.
Teenage unemployment went up (to 20.7 percent from 20.2 percent) as did black unemployment (from 11.9 to 12.1). Those unemployed for more than 27 weeks decreased by 232,000 to 3.646 million, while those working part time who would rather be working full time dropped from 7.771 million to 7.257 million.
In short, it’s another typical Obama-era jobs report: not disastrous, but a long way from what a jobs report would look like in a healthy, growing economy.