We’re still losing jobs, but unemployment declined?

Posted by nithi.vivatrat on December 4, 2009

Economists and other talking heads were almost giddy today about November’s unexpected dip in the unemployment rate to 10%. It was not unusual to see quotes like these being tossed around:

• WSJ: “…a sign the labor market is finally healing as the economy recovers…”
• Chris Rupkey, chief financial economist at Bank of Tokyo/Mistubishi UFJ in New York, quoted by CNBC: “We’re almost back to normal… The economy is lifting at a much greater rate than expected.”
• Tom Sowanick, chief investment officer at the OmniVest Group in Princeton, New Jersey, also quoted by CNBC: “These numbers are almost too good to be true.”

I think it is. WAIT! There is more to read… read on »