04 December 2009

Almost

Forbes: Almost Creating Jobs!

By most measures, the economy is growing again, but the labor market has yet to turn the corner. Friday's unemployment report provides hope that December will be the first month of job growth in two years.

Only 11,000 jobs were lost in November, the best reading for the job market since 2007, and the unemployment rate dropped to 10% from 10.2% according to the Bureau of Labor Statistics.

The labor market, though nearing the corner, is still deeply troubled. The number of people who have been unemployed for more than half a year rose by 293,000. A staggering 5.9 million people, or 38.3% of the unemployed, have been without work for more than six months. And the number of people looking for full-time work but then only find part-time remained steady at 9.2 million in November.

Even as the stock market turned positive in March, and GDP turned positive in the third quarter, it remained difficult to believe the recession could be over as job losses continued to mount. It now seems possible that jobs could return in December, finally kissing away the Great Recession.

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