Dollars and Jens
Friday, February 01, 2008
more data
Real consumer spending dipped slightly last month. Income from labor was up, but not at a great-guns clip.

The unemployment rate dipped to 4.9%, though the number of payroll jobs was reported to decline; there were some benchmark/census-related revisions. The household survey indicated a drop in the number of people unemployed and in the number of people not in the workforce, while the payroll number for last month was revised up. In short, if you're hearing "negative job growth" and nothing else, you heard the single most malign data point from a report that was, on the whole, mediocre rather than terrible.

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