The economy added 243,000 jobs as the unemployment rate declined to 8.3% in January.  Personal income increased 0.5% while personal spending was unchanged in December.  The Case-Shiller index was down 1.3% in November.  The ISM index increased 1.0 point to 54.1 in January as the ISM services index rose 3.8 points to 56.8.  Productivity increased at a 0.7% pace in the 4^th quarter of 2011.  Factory orders were up 1.1% in December.  Construction spending increased 1.5% in December.  Auto sales were up 4.6% in January.  Initial jobless claims fell 12,000 to a level of 367,000 for the week ended 1/28.

• The economy added 243,000 jobs in January as the unemployment rate declined to 8.3%.  The employment figures came in better than expected, but a disappointing component of the January report was a record 1.2 million decline in the labor force, which brought the labor force participation rate to a near 30-year low of 63.7%.
• Personal income increased 0.5% in December and personal spending was unchanged.
• The Case-Shiller home price index was down 1.3% in November.  On a year-over-year basis, the index was down 3.7%.
• The ISM index increased 1.0 point to 54.1 in December
• The ISM services index unexpectedly jumped up 3.8 points to 56.8 in January.
• Productivity grew at an annual pace of 0.7% in the 4^th quarter of 2011, according to the preliminary estimate.  Growth in the 3^rd quarter was 1.9%.
• Factory orders increased 1.1% in December.
• Construction spending increased 1.5% in December.
• Auto sales jumped up 4.6% to an annual rate of 14.18 thousand units in January. This marks an 11.7% increase over last January’s sales.
• Initial jobless rose declined 12,000 to 367,000 for the week ended January 28^th.