The economic news was so good this morning that a cottage denial industry on the right sprang up just in the last few hours. If you’ve been hanging on by your fingernails for the last several years like me, the end of the crappy job market is nigh. I’ve seen this go down several times now, extended recession, corporations sitting on huge cash reserves, existing employees stretched to their human limit and beyond: it’s not a hard call to make. The election will have to be over, after which Christmas will provide an excuse for companies to delay any big decisions, but after that it will improve, a lot:
Reuters— The Labor Department said on Friday that employers added 114,000 workers to their payrolls last month, a moderate number, but it said a combined 86,000 more jobs were created in the prior two months than it had previously thought. Other aspects of the report also were strong.In particular, a separate survey of households found a big surge in hiring. That pushed the jobless rate down by 0.3 percentage point to its lowest level since January 2009, the month Obama took office. Economists had expected it to rise to 8.2 percent. The drop in the unemployment rate came even as Americans returned to the labor force to resume the hunt for work. The workforce had shrunk in the prior two months.
“There is something in these numbers for everyone. The rise in the participation rate shows somewhat of a real improvement in the labor market,” said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.