Today's jobs report brought mixed news.  On the one hand, 113,000 new jobs were added to the economy in January.  On the other hand, the unemployment rate continued its decline, falling to 6.6 percent.  For perspective, note that just one year ago the unemployment rate was 7.9 percent.

One other piece of good news - the labor force participation rate rose slightly to 63 percent.  Perhaps this rate has stopped its decline.

In sum, the labor force grew while the unemployment rate declined.  We need more months like that.