The U.S. Department of Labor announced that unemployment fell from 9.4% in December to 9% in January. This is the lowest unemployment level since April 2009. Still, job growth was weaker than expected, with only 36,000 jobs created, "partly the result of severe snow storms that slammed large parts of the nation."
The Wall Street Journal, which has a cool interactive graphic showing historical unemployment over the decades by month, reported that Federal Reserve Chairman Ben Bernanke "said recent jobs data gives some ground for optimism, pointing to the decline in initial claims for unemployment benefits, as well as the improvement in indicators of jobs openings and firms' hiring plans. But he added that it will take several years for the jobless rate to come down to normal levels."
According to the NY Times, "The disproportionate burden that the grim labor market has imposed on the less skilled remained pronounced in January’s numbers. The unemployment rate among those with less than a high school diploma was 14.2 percent, while the rate among those with a bachelor’s degree or higher was 4.2 percent. Recruiters and staffing companies underscored the fact that employers who are currently hiring are looking to fill slots that generally require candidates with college degrees."
