Commence to Jerking Off: I'll Be Damned, Unemployment Numbers Were Good?
Two years of steep job cuts all but ended last month, unexpectedly pulling down the unemployment rate and raising hopes for a lasting economic recovery.
Federal figures released Friday showed that the rate fell from 10.2 percent in October to 10 percent as employers shed the fewest number of jobs since the recession began two years ago. The government also said far fewer jobs were lost in September and October than first reported.
And the so-called underemployment rate, counting part-time workers who want full-time jobs and laid-off workers who have given up their job hunt, also fell, from 17.5 percent in October to 17.2 percent.
The better-than-expected figures provided a rare dose of good news for the economy, but the respite may be temporary. Job creation is still so weak that more than 15 million out-of-work Americans face fierce competition for few openings.
"We will need very substantial job growth to get unemployment lower, especially when the labor force ... starts growing again," said Lawrence Mishel, president of the Economic Policy Institute, a liberal think tank.
Even counting last month's decline, the unemployment rate has more than doubled from 4.9 percent when the recession began.
So I guess I have to admit here that I was wrong, I expected the numbers to be dismal (shock that) and worse, I was absolutely stunned by CPA Trendlines reporting accounting numbers were down amongst this exciting unemployment news. Huh?! That hasn't happened since the recession started, what gives? Maybe that 12 month lag came back to bite accounting in the ass or maybe these numbers are nothing to get excited about and we should do the prudent thing and wait patiently for the inevitable revisions.