Unemployment rate drops to 9 percent
The unemployment rate fell .4 percentage points in January to 9.0%.
Keith Hall, the Commissioner of the Bureau of Labor Statistics said today:
In January, employment increased in manufacturing and retail trade, while job losses occurred in transportation and warehousing and in construction. Employment in most other major industries changed little. Manufacturing employment grew by 49,000 over the month and has increased by 161,000 since a recent low point in December 2009.
The Associated Press reports:
The unemployment rate has fallen by eight-tenths of a percentage point in the past two months. That's the steepest two-month drop in nearly 53 years. But part of that drop has occurred as many of those out of work gave up on their job searches. When unemployed people stop looking for jobs, the government no longer counts them as unemployed.
Officially, there are about 13.9 million people in the country out of work. The AP says "that's still about double the total who were out of work before the recession began in December 2007."
The unemployment rate in Michigan stands at 11.7% as of December. New numbers should be out in the coming week.