There's light at the end of the tunnel. The unemployment rate is down to 9.7 percent. But that really isn't the interesting number. The interesting number is that, in the Household Survey, there is an increase in the number of employed. It is up 542,000. That is big news.
Of course, the Establishment Survey shows a decline in employment of 20,000. But the Household Survey shows a definite uptick, and it usually shows improvement first.
Let's look at the charts. First the employment trend.
There's no doubt about it You can see a definite uptick. Now for the labor force trend.
It's still throttle bottom, with no return of discouraged workers to the labor force. But again, it is showing signs of bottoming out.
If we get another couple of months of this, then we can say that the economy is really on the mend.
But then it will be time to begin the hard work. It will be time to take a meat ax to government. Because that's where the waste, fraud, and abuse is.