Statement on the Employment Situation in January

WASHINGTON, DC – Jason Furman, Chairman of the Council of Economic Advisers, issued the following statement today on the employment situation in January.

Summary: In January, the unemployment rate fell below 5 percent for the first time in eight years as the longest streak of private-sector job growth on record continued.

The unemployment rate reached 4.9 percent in January for the first time since February 2008, and the labor force participation rate has been essentially stable over the past year. Just two years ago, many economists expected the unemployment rate to remain above this level until 2020. Our businesses added 158,000 jobs in January, somewhat below the pace of recent months but well above the pace necessary to maintain a low and stable unemployment rate. Most importantly, wages rose 2.5 percent over the past year, and the 2.9-percent annualized pace over the past six months is the strongest since the recovery began. Nevertheless, more work remains to drive further job creation and faster wage growth, including passing the President’s new proposal for ambitious investments in 21st-century clean infrastructure, opening our exports to new markets with the Trans-Pacific Partnership, and raising the minimum wage. 

You can view the statement HERE.

Source: The White House, Office of the Press Secretary