National Unemployment Rate Declines

The great news is the nation grew more jobs in January than was expected. The bad news is the economy isn't expected to grow fast, according to the Non-Partisan Congressional Budget Office.

Federal figures showed more jobs were created in January than expected, and the nation's jobless rate fell to a three year low.

"It's still at 8.3 percent," said Stephen Bull, president of the Greater Danbury Chamber of Commerce. "That doesn't count the people who are out there, pounding the pavement, who already lost their benefits. It also doesn't include people who are working, but they're making a lot less at their new job than they did at their old job."

An increase of 243,000 jobs knocked the national unemployment rate to 8.3 percent, the lowest since February 2009.

"Obviously I hope this trend continues. When the unemployment figures go down, that's encouraging," Bull said.

This upbeat unemployment rate comes within two weeks of the non-partisan Congressional Budget Office saying the economy will continue to recover slowly. The office said real Gross Domestic Product (everything produced in the economy) will grow by 2 percent this year and 1.1 percent next year. The office reported the economy will grow faster after 2013, but it won't start to grow quickly until 2018.

In CBO’s forecast, the unemployment rate will stay above 8 percent for 2012 and 2013, because people won't be able to buy goods and services.