American employers added 157,000 jobs in January compared with a revised 196,000 jobs the previous month, the Labor Department reported on Friday. The unemployment rate was little changed at 7.9 percent, about where it has been stuck since September.
This is supposed to be good news. It follows on more good news -- our negative growth rate of -1% in the Q4 data. I'm not sure what is going one here, but I must say it's troubling. Maybe next quarter things will slip a little more and we'll get even more good news. I had thought the talk about the new normal was just talk. But now I'm beginning to wonder. --ts