After peaking at 10 percent in October 2009, the unemployment rate fell rather steadily to 4.1 percent in January— the lowest level, outside of a period from 1999 to 2000, since the 1960s.
Job gains in recent months have continued at a pace that would be pushing the unemployment rate even lower if the labor participation rate had not stabilized in recent years, a welcome development and a sign that the strength of the labor market is pulling in or retaining workers who might otherwise be on the sidelines.