CNN reports that the unemployment rate dropped to 4.7 percent, the lowest in almost 5 years. From November through January, the economy created 230,000 new jobs each month. (Since May of 2003, 5 million jobs have been created.)
The Labor Department said the unemployment rate dipped to 4.7 percent from 4.9 in December, the lowest since 4.6 percent in July 2001, just before the Sept. 11 terrorist attacks.
Economists had forecast that the rate would remain unchanged from December.
This is bad news for pessimistic Democrats who thought that they could blame, yet another problem on, George W. Bush. Sorry to say for the Defeat-O-Crats, better luck next time.