January unemployment rate drops to 9.7 percent
The outlook for jobs became a bit less bleak with January’s unexpected decline in the unemployment rate, which fell to 9.7 percent from 10 percent.
Still, Friday’s unemployment report showed just how deep the job crisis remains: 8.4 million jobs vanished in the Great Recession. Economists say the nation would be lucky to get back 1.5 million jobs this year. And they say it will take at least three to four years for the job market to return to anything like normal.
The unemployment rate fell to its lowest level since August because a Labor Department survey of households found a sharp rise in the number of Americans with jobs. The survey found that 541,000 more Americans had jobs last month.
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