In the spirit of the holidays, new figures show that employers hired more workers this November than was expected. Simultaneously, the Bureau of Labour Statistics reported that the unemployment rate fell to 7.7%, a record four-year low. Considering the recent disaster that was Hurricane Sandy, this figure is remarkably positive. You’d think a natural disaster would temper the number of jobs available, but alas, perhaps the need to accomodate all those online and in-store shoppers helped make more jobs available.
But hold on, this figure is just a little too rosy. Sure enough, economist believe that the jobless rate dropped because many more Americans have stopped looking for jobs. The debt crisis, fears of the fiscal cliff, and overall economic downturn have employers and job seekers fearing the future. Ultimately the labour market isn’t getting worse, but our economy is still taking its time to heal.