Third leg rejoins the stool

November 5th, 2010 by Rick Drain

This morning the Non-Farm Payroll tally was announced, and it was well better than expected.テつ This is great news.テつ Obviously, it’s nice that more people are finding jobs.テつ In addition to that, employment is a lagging indicator.テつ Of the three indicators I’ve been using to illustrate the recovery, this was the shakiest leg on the stool.テつ For jobs to resume rising is more evidence that there’s a real recovery in progress, and we are not on our way to a double-dip recession.

This past Tuesday was the 2010 mid-term Congressional election, in which the Republican Party regained control of the House of Representatives.テつ The humorists on Wall Street joked today that “it only took the Republicans two days to get things back on track.”テつ Cue laughter, but two years from now conservative campaigners will be claiming credit with a straight face.テつ For the record, the Democratic President and Congress who were elected in 2008 did the work despite the conservative rant and obstruction.

The recession ended 18 months ago.テつテつ Employment bottomed about 10 months ago.