In a disappointing surprise for economists, U.S. employers added only 146,000 jobs in January. However, the unemployment rate fell to 5.2 percent, the lowest level since September 2001. Part of this decline was due to a drop in the number of job-seekers. Continued improvement in wages was seen as the average hourly earnings rose 0.2 percent.
See "Job Gains Disappoint; Jobless Rate 3 - Year Low", The New York Times, February 3, 2005