It’s more common than not to have a jobs report provide mixed data and January was no exception. The headline unemployment rate fell slightly from 5.0% to 4.9%. Most economists pay less attention to the unemployment rate than in other data bits hidden in the numbers but from the sidelines a drop in the unemployment rate is a good thing and the 4.9% mark is the lowest since 2008. More people entered the workforce as well, reversing a recent trend and posting a 62.7% rate. Of all the available workers, 62.7% are on the job in some capacity.

On the other hand there are some continued signs of weakness in the economy. On top of the disappointing 0.7% initial Q4 GDP estimate, there were just 151,000 new jobs added last month as analysts were looking for a number closer to 190,000. A robust economy produces 300,000 or more new payroll jobs. December non-farm payroll numbers were also revised down by 30,000.

Stocks continue to falter and today’s unemployment data has caused investors to lose faith in the economy over the near term. The unemployment rate did fall but the tepid job growth is causing some concern and so far it appears more and more the Fed will sit on its hands and keep a lid on rates possibly until 2017. One positive note, and not to be taken lightly, is wage growth. Average hourly earnings rose by 2.5% year-over-year which should spur consumer spending, something the Fed keeps an eye on. So far, the markets appear to be stuck and interest rates should remain near their current levels for the next several weeks at minimum.