The jobless recovery has ended. The unemployment report came in at 10% versus an estimate of 10.2%. The major change was an increase in temp hiring in November for the holiday season.
October was flat YoY, but the spike in November shows that retailers are much more optimistic than last year
This is great news for the American worker and 10.2% will most likely be the peak of this recession’s unemployment slump. The S&P 500 and dollar are up strongly while gold has fallen nearly 2%.
This is a very important report because if the trend continues to be positive, this will give the federal reserve the ability to increase interest rates sooner than most economists expected. That fact is a positive for the dollar’s strength and possibly a negative for US equities. A “game-changer” if you will.
