The Joint Economic Committee held a hearing to discuss the January Jobs report released Friday morning. It reveals the unemployment rate dropped to 8.3% percent.
The Bureau of Labor Statistics (BLS) Acting Commissioner John Galvin testified to recent developments in the labor market and answer questions on national employment trends.
In other government job reports this month, the Congressional Budget Office (CBO) predicts unemployment will remain high and stay in the eight percent range this year. Also, the Commerce Department recently reported that the economy grew at a 2.8% percent clip in the last quarter of 2011.