Miscellaneous Macro News

The unemployment figures for January released today. Unemployment was down to 4.9 percent (from 5.0 percent in December). But:

• Non-farm payroll employment declined by 17,000 jobs, partly reflecting declines in construction and manufacturing.
• The change in payroll employment for December was revised up to an increase of 82,000 from an earlier estimate of an increase of 18,000 jobs.
• January represented the first month with a decline in total non-farm payroll employment since August of 2003.
• In 2007, payroll employment gains averaged 95,000 per month, compared with an average of 175,000 per month in 2006.
• Reflecting adjustments in the housing sector, employment in the construction industry has declined by 27,000 in January and has declined by 284,000 jobs since peaking in September 2006.

Full report HERE.

You will be glad to know that GDP growth was 9.6 percent for 2006-2007. In India. Details HERE.

Are food stamps the best way to avert a recession? Some economists seem to think so. No doubt, the farm lobby does too. Megan McArdle is against them. David Sarasohn is for them. What do you think?