According to the AP, the jobless rate has dropped from its high 10.2 percent in October to an astoundingly low 10 percent in November!!! Everybody break out the champagne! The crisis is over!
The first line of the article states “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.”
It then goes on to say that the unemployment rate “unexpectedly” dropped by 0.2 percent, and the “real” jobless rate dropped 0.3 percent, moving from 17.5 percent to 17.2 percent It also referred to the numbers as “better than expected.”
Frankly, any good news on the jobs front is “better than expected,” but to assume that this is a portend of the end of the current economic crisis laughable. The government has done little more than spread some money around – so what will happen when the money dries up? Nothing has been done that will lasting effects on the economy, but the media is so desperate for good economic news that an insignificant shift in the unemployment rate is reported as great news.