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A jobs sign hangs above the entrance to the US Chamber of Commerce building in Washington, DC.
That sound you heard emanating from Washington this morning might just be the great lurching creak of the U.S. economy finally turning the corner. While we were all transfixed by Facebook's IPO filing, the number crunchers at the Bureau of Labor Statistics (BLS) discovered that in January, the U.S. economy added 243,000 jobs — a very significant improvement over the really quite good December number of 200,000. This was enough to shave another 0.2 pecent off the unemployment rate, bringing it down to 8.3 percent from December's 8.5 percent.
Oh, and about the December numbers: They were even better than initially reported. The BLS revised them, as it does for the previous month with each new month, to 203,000 from 200,000. Is it right to get excited about 3,000 new jobs? Given how intractable the unemployment crisis has been, you'd have to say "Heck yeah!"