Jolted by Jobless Rate

The lead article in today’s New York Times is titled, “In Surprise, Jobless Rate Fell to 10% in November. The rate declined 0.2 percent even though technically 11,000 jobs were lost. Yet there were other encouraging signs. More than 50,000 temporary workers were hired, and the underemployment rate (including those working less hours than they wish) also fell. And, just as important, the average weekly wage rose as well, thus bringing some hope of increased spending to keep the cycle going.

President Obama’s administration credited the stimulus program as a major factor in the improvement, and they deserve some good news for a change. In fact, the improvement in the work force is occurring more rapidly than the last two recessions in the early 1990s and 2001.

The only worrisome statistic involves the number of long-term unemployed created by this downturn. One can only hope they will find some kind of community training program that the administration and Congress are considering.

Typically, the Republicans refuse to give any credit to Obama for the situation, even though they were quick to condemn him when the economy was declining. It’s almost as if they want the economy to remain mired for political reasons. The Republicans seem to be rooting against America and a speedy economic recovery.