The year hasn’t started out great for the economy.
Ben Bernanke was replaced by Janet Yellen as head of the Federal Reserve. Bernanke is credited with steering the economy through the Great Recession, the worst downturn since the Great Depression. The improving conditions caused in the Fed ease up on its bond buying program.
But the stock market, though soaring at the end of 2013, hasn’t done all that well since the start of 2014. And job creation for the second consecutive month has been disappointing.
Unemployment reported by the Labor Department on Friday fell once again. In January it was 6.6 percent. It had been 6.7 percent in December and 7 percent in November.
But even though joblessness is at a five-year low, job creation was less than expected for the second straight month. The awful weather with terribly low temperatures, snow and ice throughout the country — including the South — played a role in keeping people out of stores and depressing jobs and the economy.
The best that Americans can hope for this month is sunshine and warm weather for an economic turnaround, but the country seems to have fallen badly again on the snow, cold and ice.