Unemployment rate lowest since 2001

This will be hard for the left to spin negatively. Wages respectably up, unemployment significantly down. Look for them to approach it from the "Wage Inflation Signals Seen" angle.

NEW YORK (CNNMoney.com) - The unemployment rate fell to its lowest level in nearly five years in January, the government reported Friday as employers added a respectable 193,000 jobs to payrolls.

The Labor Department said the unemployment rate dipped to 4.7 percent from 4.9 in December, the lowest since a reading of 4.6 percent in July 2001, just before the Sept. 11 terrorist attacks. Economists had forecast that the rate would remain unchanged from December.

The rate was the latest sign of a tightening labor market, which could put upward pressure on wages and prices in the months ahead.

On Wall Street, stock futures retreated and Treasury bond prices fell, raising yields on the expectation that the report makes further interest rate hikes by the Federal Reserve more likely.

The average hourly wage rose 7 cents to $16.41, a 0.4 percent increase. That was also slightly more than the 0.3 percent gain forecast by economists. During the last 12 months, average wages are up 3.3 percent on a seasonally-adjusted basis, the largest 12-month change in nearly three years.

Reuters stays true to form with this "spun" headline: Jan jobless rate drops, job growth disappoints" Reuters convienently bury's this fact...."Previously, the department said 108,000 jobs were created in December but it pushed that up to 140,000 and it said that, in November, 354,000 jobs were created rather than the 305,000 it reported a month ago." which way more than makes up for the January shortfall.

In August of 2003 Nancy Pelosi asked the rhetorical question "Where are the jobs Mr. President"? Well Ms. Pelosi the jobs were being created as you spoke and have been steadily ever since.

In August 2003, the Unemployment Rate was 6.1%.

2003
Sep.: +94,000 Oct.: + 123,000Nov.: + 96,000Dec.: +83,000Sep.-Dec.: + 396,000

2004
Jan.: + 117,000 Feb.: + 94,000Mar.: + 320,000Apr.: + 337,000May.: + 250,000Jun.: + 106,000Jul.: + 83,000Aug.: + 188,000Sep.: + 130,000Oct.: + 282,000Nov.: + 132,000Dec.: + 155,0002004: + 2,194,000

2005
Jan.: + 124,000 Feb.: + 300,000Mar.: + 122,000Apr.: + 292,000May.: + 126,000Jun.: + 175,000Jul.: + 277,000Aug.: + 148,000Sep.: + 17,000Oct.: + 25,000Nov.: + 354,000Dec.: + 140,0002005: + 2,100,000

2006
Jan.: + 193,000 2005: + 193,000

Current unemployment rate 4.7%

Grand total increase since her infamous statement.... 4,900,000

Hat tip/ New Yorker77 at FR.