It was a mixed jobs report Friday as the government reported 157,000 new jobs in January
but also reported 169,000 other people left the labor market, causing the unemployment level
to inch higher at 7.9 percent. Those 169,000 who left the labor market include those who
retired on schedule, took early retirement, or simply gave up looking for work. The number
of unemployed persons remains at about 12.3 million, little changed from September 2012.
In January, the number of long term unemployed was about unchanged at 4.7 million and
accounted for about 38.1 percent of the unemployed. Manufacturing was essentially unchanged
in January while mining employment increased.