Saturday, December 03, 2011

Payroll Gains Speed Up
As U.S. Jobless Rate Drops

by Shobhana Chandra of Bloomberg

Job gains in the U.S. picked up last month and the unemployment rate unexpectedly fell to the lowest level since March 2009, a decline augmented by the departure of Americans from the labor force.

Jobless claims rise above 400,000

by Staff at Reuters

New claims for unemployment benefits rose unexpectedly last week, popping above 400,000 for the first time in just over a month and reinforcing the view that the battered labor market was healing only slowly.

The reality is that both these articles ignore the only truly important point. The economy is not even creating enough jobs to hire the young people who are entering the labor market. Much less keeping discouraged former workers from leaving the labor market. We continue in a downward spiral that progressive news organizations like Bloomberg and Reuters are trying to hide with their glowing reports of the slight upward ticks that occasionally happen during a depression.

Neither article mentions the reality of government draining massive amounts of the available money in the marketplace to fund the rapidly growing national debt. That money drain is killing recovery in the process.


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