Prosperity is Just Around the Corner!

by Pejman Yousefzadeh on February 4, 2011

Or, maybe not:

The latest jobless numbers are out and unemployment has dropped to its lowest level in two years, but that number does not match what companies are reporting in terms of new jobs.

[. . .]

Nationwide employment fell from 9.4 percent down to 9.0 percent. Yet employers barely added any jobs, just 36,000 — a small fraction of the 150,000 jobs that most economists expected.

“Thirty-six thousand jobs added in a single month isn’t even enough to keep up with the new workers the economy adds every month,” says ABC News business editor Dan Arnall.

Essentially, the only reason the unemployment rate fell is that people gave up on looking for work. Yes, the weather may have played a role in the bad jobs numbers, but that doesn’t change the fact that the jobs numbers are bad, and that recovery in the employment sector is taking much, much, much longer than usual.

The $787 billion stimulus package was supposed to have helped the employment sector roar back to life. So much for that plan.

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