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Today’s January jobs growth number of 200,000 published by the Bureau of Labor Statistics has generally been regarded in the press as strong.

This is indeed more than the initially reported December gain of only 148,000, revised today to a 160,000 gain.

But, 200,000 is lower than January 2017’s gain of 259,000, and subsequently brings the year over year change jobs to only 1.45%.

The year/year change to December 2017 was 1.49%.  And this measure recorded its most recent peak of 2.27% in February 2015.

And the longer-term view: