Job Report Stronger

Friday, the New York Times published the latest job report as being, "...The strongest jobs report since the recession began two years ago, the nation’s employers all but stopped shedding jobs in November, the government reported on Friday, and they appeared to be on the verge of finally rebuilding the work force."

But who knows if this surge is the result of the Holiday Hire?

The Wall Street Journal also reported the news: Employers shed only 11,000 net jobs while the unemployment rate fell from 10.2 percent to 10.0 percent.

According to the times, the surge was sudden news to even the most optimistic forecasters for the economy. Additionally the paper noted that "The Obama administration was quick to take credit for the improvement, asserting that the $787 billion stimulus package had thus far either saved or created a total of 1.6 million jobs."

The Wall Street Journal proved more cautious, writing, "However, this turnaround may proceed at a much slower pace than previous recoveries. Job losses in this downturn are the result of a sharp drop in private-sector job creation. Reduced private-sector investment--rather than an increase in layoffs--is the primary engine driving higher unemployment. Yet the Obama Administration has done little to address this problem, focusing instead on increasing government spending rather than encouraging entrepreneurial activity. In a telling example of the White House's approach toward employment, yesterday's job summit excluded groups that represent job creators like the Chamber of Commerce and the National Federation of Independent Businesses."

The Journal continued to note that the increase could simply be due to the fact that many individuals are simply giving up. Leaving the workforce, and pausing in their searches. Though the majority of those leaving the workforce were teenagers, with 62,000, still, about 70,000 men age 20 and over left the labor force, but 35,000 women of the same age entered the labor force.

The journal concluded, "Since teenagers are far more likely to be unemployed, this helped reduce the unemployment rate. It is likely that the unemployment rate will climb once potential workers reenter the labor force."