Quote:
Originally posted by bilmore
This isn't addressed to you so much as to Ty (and partially to AG, whose response seems to put him in with Ty), but, hey guys, do you not understand that unemployment is termed a trailing indicator for a reason?
The very last thing you do when adding capacity is adding body count.
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I do. It's not like I think the sky is falling. I just responded to Hank's suggestion that the falling unemployment rate is great news. If you look at why it's falling -- poor job creation, but lots of people dropping out of the labor force -- then things don't look quite as great as you might otherwise conclude. 'S'all.
edited to add:
The infamous
Josh Marshall quotes these two newspapers on the new numbers:
"The nation's job market continued to strengthen in November, with the unemployment rate falling slightly to 5.9 percent and payroll employment rising for a fourth consecutive month, the Labor Department reported yesterday."
Washington Post, December 6th 2003
"The US economy generated significantly fewer jobs than expected in November, according to government figures issued on Friday, damping hopes of a swift revival in the sluggish labour market."
Financial Times, December 5th 2003
Guess it looks worse from the other side of the pond.
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