The unemployment rate fell again in January, now at 6.6 percent. It’s down from 7.9 percent a year ago and from 10 percent in October 2009. This would seem to be good news, but we’re uncomfortable.
The expansion since the Great Recession has been weak. The economy is not nearly where we want it to be. Just possibly, though, the drop in the unemployment rate in January was a sign of a stronger expansion.