National Unemployment Rate falls to 9.7%

The unemployment rate fell from 10.0 to 9.7% in January, and non-farm payroll employment was essentially unchanged (-20,000 jobs), the U.S. Bureau of Labor Statistics reported today.  Employment fell in construction and in transportation and warehousing, while temporary help services and retail trade added jobs.

Source: BLS

This significant decline in the unemployment rate is a potential sign that the job market has bottomed out and is now on the path towards recovery.  However, many experts have argued that unemployment only decreased because a portion of the unemployed have become discouraged and left the workforce.  This deems this economic cycle "The Jobless Recovery".