The backstory behind the jobs report is that American workers still are getting jobbed

OK, today signaled a faint flicker of economic hope for President Obama and the Democrats. Which left Republicans wanting to stick fondue forks into their ears and stir.November’s sharp drop in the unemployment rate shows that jobs are finally moving in the right direction and suggests the economy is on firmer footing as the country heads into a presidential election year.
The Labor Department reported the jobless rate fell to 8.6 percent in November from 9 percent the month before, a 2½ year low.The stock market, more sensitive than a teenage girl these days, had an early rally this morning upon hearing the jobs report. But the gains fizzled this afternoon.
Must have been something investors ate for lunch. Or perhaps they digested the fact that most of the job gains were temp holiday retail clerks who will be back on the street once Santa drops down their chimney.
Nevertheless, the Standard & Poor’s 500 index for the week was up 7.4 percent, its biggest gain since March 2009. The Dow Jones industrial average dropped 0.61 of a point to close at 12,019.42. The Dow ended the week up 7 percent, its largest weekly gain since July 2009.
While Nostradamus was unavailable for comment this evening, even prognosticators like yours truly can confidently predict that the economy isn’t going to fall into a second recession, at least through the weekend. However, this is why Republicans should pull the fondue forks out of their ears. There definitely is bad news in the midst of all this good news. Life can be as funny as a racoon that way.The bad news is that the unemployment rate is not a very good measure of our misery — because it overlooks the millions of despairing folks who quit looking for jobs. A better gauge is the total number of people employed. And from that number, the recession is still smothering us.Today, the number of people with jobs stands at 131.7 million. That’s up by more than 2.4 million since the low point, February 2010, but it’s down by nearly 6.3 million from the peak of January 2008. More than six million jobs have disappeared. Total employment, in fact, is lower today than it was 10 years ago.While the steepest decline in employment came before Obama arrived, the economy over the past four years is the worst we’ve endured since the Great Depression.
A lot of good people have drowned in sorrow over that span.

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