The unemployment rate has declined more in the last two months than in any two months since 1958.
The rate was 9.8 percent in November, and it was 9 percent in January. Since the Labor Department began keeping these statistics, only four other two-month periods have seen a larger decline.
They are: December 1949 (when the rate had dropped 1.3 percentage points in the previous two months, to 6.6. percent); August 1950 (0.9 percentage point decline, to 4.5 percent); February 1951 (0.9 percentage point decline, to 3.4 percent); and November 1958 (0.9 percentage point decline, to 6.2 percent).
As I said before, the job market is neither healthy nor seems to be improving very rapidly. But the unemployment rate is dropping at a historically rapid rate. It’s very odd.