No Silver Lining Here
Adverse trends in the labor market accelerated in January. Payroll employment declined 598,000, bringing the total decline in the past 13 months to 3.6 million. About half of that total came in the past 3 months.
The unemployment rate, calculated from the separate household survey, rose to 7.6 percent in January-up from 7.2 percent in December and 4.9 percent from a year earlier. The ranks of the unemployed numbered 11.6 million persons in January, up 4.1 million in the past year.
The labor force participation rate declined further to 65.5 percent and the percentage of the population employed declined 0.5 percent in January and is down 2.4 percentage points over the past year.
I find no good news in the overall picture-no silver lining. You may want to look for yourself here.