Legal Commentary

Jobless Rate Drops: Is the Worst Over?

By Big Tent Democrat

This is quite good news:

The American economy lost 247,000 jobs in July, and in a reversal, the unemployment rate fell slightly, to 9.4 percent, the government reported Friday. Although businesses are expected to keep cutting jobs through the rest of the year, the Labor Department’s latest figures offered some faint signs that the sinking job market was approaching bottom.

There was improvement in the broader measure of unemployment (U6) as well, with that rate dropping from 16.5% to 16.3%. If employment can bounce back quickly, then the recession may indeed not be as bad as many, including me, feared. Time will tell.

Speaking for me only

Full post as published by TalkLeft on August 07, 2009 (boomark / email).