+243,000 Jobs in January

Today's Balance Sheet: January's jobs numbers came out today, and they were way better than anyone expected. 

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The Bureau of Labor Statistics released January's jobs numbers this morning, and the economy added 243,000 jobs last month. Unemployment dropped from 8.5 percent to 8.3 percent-the lowest the rate has been in nearly three years. Forecasts had predicted that the economy would only pick up 150,000 jobs, so this morning's news is a unexpectedly good. The White House is probably cheering January's hiring surge-the incumbent president's chances at reelection hinge on the growth of the economy.

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