Today’s jobs report finally had some good news to say about the state of the American jobs market. The unemployment rate ticked down to 10% from 10.2% in October.
The Labor Department also said that the economy shed just 11,000 jobs last month. That might not sound like good news but we need to keep in mind that the economy had been losing over 500,000 jobs a month for several months.
I was also pleased to see the government revise the previous months’ jobs losses. In September, the economy lost 139,000 jobs instead of the original estimate of 219,000. For October, 111,000 jobs were lost instead of 190,000 as originally reported.
In fact, if this trend continues, the loss 0f 11,000 jobs for November might be revised to show an employment gain. We’ll know more in next month’s report.