[lbo-talk] employment

[Brad DeLong]

>Pretty good U.S. employment report this morning - up 126,000 jobs, 
>and September's iniitally reported gain of 57,000 was revised up to 
>125,000. This is about half the pace we'd see in a "normal" 
>recovery, but it's still a lot better than the minus signs that 
>dominated the first half of the year. Manufacturing is still 
>shrinking, off 24,000, but private services were up 143,000. The 
>unemployment rate fell from 6.1% to 6.0%, and it would have fallen 
>further, had lots of people not re-entered the labor market. One bit 
>of bad news: real hourly earnings growth, which had been solidly 
>positive through the recession, had been falling, and hit zero.
>
>Still, pretty good numbers. Prepare yourself for a lot of Republican swagger.
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They're not "pretty good numbers". They're just not putrid numbers. 
You've gotten yourself anchored to the wrong set of benchmarks...

Brad DeLong