It’s a Festivus miracle! Suddenly, happy days are here again. At least, that’s the song our buddies in the LSM are singing this morning. From a breathless ABC News:
A burst of hiring in December pushed the unemployment rate to its lowest level in nearly three years, giving the economy a boost at the end of 2011.
The Labor Department said Friday that employers added a net 200,000 jobs last month and the unemployment rate fell to 8.5 percent, the lowest since February 2009. The rate has dropped for four straight months.
Woo-hoo! And of course, it’s just a coincidence that
A better job market is a positive sign for President Barack Obama, who is bound to face voters with the highest unemployment rate of any sitting president since World War II. Unemployment was 7.8 percent when Obama took office in January 2009.
Still, the level may matter less to his re-election chances if the rate continues to fall. History suggests that presidents’ re-election prospects hinge less on the unemployment rate itself than on the rate’s direction during the year or two before Election Day.
The story goes on the mention the fact that one reason the unemployment rate has fallen is that many have become discouraged and left the workforce. In addition, there are those who are working part-time, but want to work full-time. Then adds:
When including those groups, the broader “underemployment” rate was 15.2 percent. That’s down from 15.6 percent the previous month, but still high. The figure has dropped for three straight months.
And the job market has a long way to go to recover from the Great Recession. The nation has 6 million fewer jobs that it did in December 2007, when the recession began.
But you have to read to page 2 to get that news.
God, these people are predictable!
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