Finally, an encouraging jobs report
Today’s jobs report is genuinely encouraging, I think. Unemployment is down a little to 10%; employment is “essentially unchanged”, in the words of the release; payrolls in prior months were revised upwards; total hours worked went up; wages went up; what’s not to like?
Still, it’s early days yet, and it’s still more likely than not that unemployment is going to top out well above the 10.2% rate from which it fell this month. It’s great to have a little bit of holiday cheer in the last payrolls report of 2009. But winter still hasn’t started yet.