I’m late to this, but what is there to say other than “it sucks”?
A surprisingly weak jobs report cast a shadow over the economy, undermining several weeks of positive data and diluting hopes of an accelerating recovery.
U.S. employers added just 39,000 payroll jobs in November, a sharp slowdown from the prior month, the Labor Department said. The unemployment rate jumped to 9.8% from 9.6% in part due to more people joining the labor pool.
The report contradicted a recent string of optimistic data, from retail sales to housing, leading many analysts to suggest the figures could be a statistical aberration rather than the beginning of a weakening labor market. Indeed, the government on Friday revised jobs data for September and October to show stronger numbers in those months, though the rise was still far too slow to improve the labor picture substantially.
Whether this particular report may have been “a statistical aberration” or not, job growth has indisputably been difficult to come by. Yet another indication that the $787 billion stimulus package–whatever the claims that it may have stopped an even worse recession, or a depression from occurring–has not worked in the way its advocates claimed that it would work. There was a better stimulus idea floating about at the same time that the $787 billion stimulus plan was being debated, but unfortunately, no one decided to follow up on Robert Lucas’s exceedingly sensible recommendations.