Rosy, but not too rosy: Today’s jobs numbers show modest upswing
- 8.6% jobless rate in November, the lowest since early ’09
- positive The economy added many more private-sector jobs in November than in prior months — 120,000 new non-farm payrolls, to be exact. A sign of recovery?
- positive On top of this, the revised jobs numbers from September and October show that things were rosier than first estimated, meaning it’s a more substantial upswing.
- negative However, the drop in unemployment partly came from an overall shrinking of the labor force. In other words, fewer people are seeking jobs. Bummer. source
» Political ramifications: The jobs numbers aren’t at a point where people have reason to be dancing in the streets, but cautious optimism is the name of the game. The GOP’s election platform could waver if the numbers get any better. Hence this response from House speaker John Boehner: ”Any job creation is welcome news, but the jobless rate in this country is still unacceptable.” What do you all think?