Friday, December 4, 2009

Unemployment drops? What!??!

Basically I've spent the past could of days stewing over the prospect of a rising unemployment rate and no real relief in sight due to a staggering economy. Then a funny thing happened...

WASHINGTON — A surprising drop in the November unemployment rate and in job losses cheered investors Friday and raised hopes for a sustained economic recovery.

The rate unexpectedly fell to 10 percent last month, from 10.2 percent in October, as employers cut the fewest number of jobs since the recession began. The better-than-expected figures provided a rare dose of good news for a labor market that's lost 7.2 million jobs in two years.

The average work week also rose, along with average earnings. And the Labor Department said 159,000 fewer jobs were lost in September and October than first reported.

How the hell did that happen? At least that's some good news going into the holiday season.

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