U.S. Unemployment Rate Drops to 6.6%
The latest unemployment numbers are out. The U.S. Labor Department says unemployment dropped to 6.6 percent in January. That's the lowest in five years. The economy added 113,000 jobs.
However, Ball State University economist Dr. Mike Hicks says it's mixed news. Hicks says 113,000 jobs added falls short of the 225,000 jobs expected. He says 113,000 is nowhere close enough to get the nation's employment status back to pre-recession levels.
Hicks says the news was good for construction. However, he suspects those figures were snow removal-related. Hicks says the 6.6 percent figure is closer to the Federal Reserve's goal of 6.5 percent. That's the point at which they'll stop artificially bolstering the economy.
Hicks says job growth still isn't strong enough to alleviate the more than eight million jobs lost during the recession.