Although much remains to be done to improve the job picture, there are definite bright spots. November saw a decline in the percentage of unemployed for the first time in over a year from 10.2% down to 10% and revised numbers show fewer jobs were lost in September and October than expected.
Plus, in spite of numerious news reports last month criticizing the administration’s estimates of jobs created or saved by the Stimulus package it turns out the job creation/savings were considerably higher than the administration reported. Recovery.gov had estimated that 640,000 jobs had been created or saved. Obama put the number at more than 1 million. Now independent analysis by the Congressional Budge Office puts the figure at easily 600,000 and very likely as high as 1.6 million.
Could this signal that unemployment has bottomed out and that the expected post-recession hiring has begun? Maybe. Would that be bad news for the No/Nothing Party? You, betcha—(as their leader likes to say.)