There’s some good news coming out of the Bureau of Labor Statistics today–the unemployment rate dropped from 10% to 9.7% in January.
While it’s only a slight drop–and the overall economy still lost some jobs last month–the dip in the unemployment is good news.
And there’s more data from January that points toward a positive future:
One interesting fact to note, however, is that the U-6 measurement, which includes people who have lost work hours and those who have given up on finding a job alongside the unemployed, dropped relatively dramatically, from 17.3 of the labor force — where it had held steady for the last several months — to 16.5 percent. This could augur well for the jobs situation: The decrease comes from part-time workers transitioning back to the full-time — nearly 850,000 involuntary part-time employees made the switch — a sign that broader hiring could be in the offing as demand for labor increases.
Still, we cannot afford to get complacent. Unemployment is still high and there’s no telling whether or not it will continue to drop or remain where it is.
That’s why we need to pass the President’s jobs bill as soon as possible–because the more we do to put Americans back to work, the better off we as a nation will be.