The worst job market in at least a quarter century is finally improving. The unemployment rate unexpectedly dipped to 9.7% in January, from 10% in December. In January manufacturing jobs added 11,000 jobs, 52,000 temporary workers, and average wages increased modestly, amplifying the view that commercial activity is reawakening after two years if hibernation.
“The economy is continuing to improve,” said John E. Silvia, chief economist at Wells Fargo in Charlotte, N.C. “You don’t have a boom, but you have an economic recovery. It’s a positive sign.”
The Labor Department has discovered that the unemployment rate was far worse than what it was previously assumed. However, the Obama administration admits that they made a mistake by implementing the $787 billion stimulus package. The administration has assumed that without the stimulus the unemployment rate would have topped out at 8.9% by the end of the year, considerably below the 10.1% rate reached in October.
The economy is making a positive progression, slowly but surely.
www.nytimes.com/2010/02/06/business/economy/06jobs.html?ref=global
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Well, this is really a good sign but I'm not surprised to see it. Hopefully we can have a prosperous job market when graduate.
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