Good News In The Job Numbers
Yes, unemployment is at 9.6%, which is up from 9.5% last month, and nowhere near the 8% promised by the Obama administration. However, there is much good news, as reflected by the fact that today’s numbers are driving up the stock market. It’s the eighth straight month of growth in private sector jobs. The losses are in government jobs, which should make those who don’t like socialism very happy. In fact, this is the strongest job recovery in decades.
Payrolls began growing in November and, excluding the impact of temporary census jobs, the economy has added jobs every month since January.
That’s a much quicker peak than previous job market recoveries.
Businesses added 67,000 jobs in August, when 44,000 was the forecast.
“It is a sigh of relief,” said Sung Won Sohn, economics professor at Cal State University Channel Islands. “The labor market in August was lethargic, but better than feared, reducing the fears of a double-dip recession.”
And upward revisions for June and July showed there were 123,000 additional job gains in those months than previously reported.Click here for reuse options!
Copyright 2010 Liberaland