Mixed messages on jobs this week. On Thursday, the report on initial unemployment claims unexpectedly increased to 253,000, the highest level in a year and a half. But today’s jobs report showed 304,000 jobs created in January. Keep in mind that January number could be substantially revised; December’s 312,000 jobs created was revised down 90,000 to only 222,000. 2018’s jobs gains at 2,674,000 was the best year of gains in the last three years. Average hourly earnings have increased 3.2% over the last year which is better but still not at the level one would expect if we were actually at full employment. The unemployment rate ticked up to 4%, indicating that more people are looking for jobs, which is a good sign. bls.gov