According to the official report, the unemployment rate has jumped from 9.6% to 9.8% — leaving many to wonder when this so-called recovery is going to happen for those who are unemployed, underemployed, or just plain stuck in a job they would rather not have. But, in a way, all is not what it seems in world of economics. If you read the article I linked to, you’ll see there’s not shortage of political opportunism from the right about keeping taxes low for everyone – but mostly they mean millionaires and billionaires. You know, those same millionaires and billionaires who bankrolled certain Tea Party groups to build Republican majorities in Congress and in state houses around the country.
Meanwhile…our cautious President thinks if he can reach out and compromise with people who fundamentally want to see him fail, he’ll convince them that it’s worth the good of the country to put partisan politics aside and work together to solve the persistent economic problems. He’s been toting this line for about two years and have Republicans come around to his way of thinking?
Anyway, on to the job numbers and what it all means. I’m not an economist, so I can only go by what other says, and if we can agree with Joel Naroff that:
[The] unemployment rate typically rises during the early stages of recovery because of how the statistics are gathered – through a survey that asks people whether they have looked for work. During the worst of a recession, millions quit looking and fall out of the calculation. But as jobs growth resumes, however weakly, many of those who had been on the sidelines get back into the hunt, and boost the rate.
Plus, people are starting to change jobs, and that creates opportunities for people who have been unemployed. So, is it all doom and gloom? I would say that it’s going to take a few years before the linger effects of The Great Recession recede, but if those who study our economy for a living are correct: these numbers could be a good sign that things are getting better… albeit, very slowly.
2 thoughts on “November’s Job Numbers”
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Don't listen to Friday's Planet Money, which says that these things are true, but there are international forces at work that COULD pull the economy back to late 2008. Ugh. I say, 'don't listen' because it's depressing. But hopefully it won't.
I just heard the podcast this morning… Man, what a bunch of doom and gloom. I sure hope it doesn't happen the way they reported it could.