Reporting from Washington - The U.S. unemployment rate unexpectedly dropped to 9.7% in January from 10% in the prior month, but employers eliminated an additional 20,000 net jobs over the month, the government said Friday in a report that shows the labor market has yet to turn the corner despite the return of growth to the economy.
The January jobless figure was based on new population data from the Census Bureau, which complicates comparisons with the December employment statistics. The unemployment rate is calculated from a survey of about 60,000 households, using estimates of the population and the labor force -- those who are working and looking for work. The latest survey showed 541,000 more people as employed in January than the previous month, some of which probably reflects an increase in the self-employed and hiring by new firms that are often hard to capture during turning points in the economy. The overall labor force was roughly unchanged last month.
But the payroll jobs data were not particularly encouraging. These figures, which economists consider more reliable than the household report, are based on a survey of 160,000 businesses and government agencies. In addition to last month's total net payroll decline of 20,000, the Bureau of Labor Statistics said the economy lost 150,000 jobs in December -- 65,000 more than previously estimated.
Until people are working again, there is NO recovery.
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