My guess is that a lot of people who are now counted as "not unemployed" in fact are people whose unemployment benefits have simply expired. If so, today's ebullient reports of the steep drop in unemployment rates during December may be mere eyewash. The fact that Wall Street did not react to the positive unemployment news today with a concommitant market jump suggests that our optimism should be guarded, at best.
So, the drop in the unemployment rate from 9.8% to 9.4% (the biggest single month drop since 1998) is obviously a real good thing but, as we discussed before, there are still an awful lot of people who want to work full-time who are out of work....
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