Friday, December 3, 2010

Unemployment report = cabbage patch dolls

Only 50,000 new private sector jobs, when we need 250,000 per month to get out of this mess.  Unemployment jumping to 9.8%...

There are ways to spin today's report:
  • More discouraged workers are trying to get back in the labor force... and that's why the unemployment % went up.
  • The number of hours worked per week held constant.
  • The pay per hour had a slight uptick.
  • The number of new hires from previous months were revised up.

However, just like cabbage patch dolls, it doesn't take long before you have to simply accept the fact these numbers are ugly.

The "recovery" that has been sputtering along for well over a year continues to sputter.

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