Unemployment rate drops to 6.6%

The US economy added a 113,000 jobs in the month of January. Analysts had expected a gain of 180,000. Two straight months of significant misses. December revisions were higher but meager. A poor number in December was blamed on the weather. That argument had some validity as construction and manufacturing jobs were light. January, tough to blame on weather as both construction and manufacturing jobs increased. The sectors that faltered in January include health care, retail, and the government. The US economy has stalled but at least mortgages are rallying.