9.1% unemployment on a net gain of 117,000 jobs. That’s not good. It’s better than last month, but the only reason the unemployment rate inched down one tenth of one percent, is that people are still giving up and leaving the workforce.
This, two years into the “recovery.” The AP chose to call it “optimistic,” without ever explaining why.
The prior two months were revised upwards a bit, but still not enough to make any difference.
Maybe today’s report is just good enough to settle nerves on Wall Street. We’ll find out momentarily.
UPDATE: Salon headlined it “Better Than Horrible.” Yeah, that about sums it up.