Payrolls increased in 41 U.S. states in October, led by Texas and New York, indicating the labor market is stabilizing across the world´s largest economy. Employers in Texas added 47,900 jobs last month, while payrolls rose 40,600 in New York, figures from the Labor Department showed today in Washington. California and Michigan rounded out the four states with the biggest job gains. The number of states reporting increases in employment was the highest since May. The report is consistent with figures on Nov. 5 that showed nationwide payrolls rose in October for the first time in five months, a sign employers are gaining confidence the recovery will be sustained. Federal Reserve policy makers, with the goal of boosting growth enough to reduce the jobless rate, said they will buy an additional $600 billion of Treasuries. "The labor market is starting to improve slowly," said Henry Mo, an economist at Credit Suisse in New York. "We need faster economic growth. It´ll take a few years to dig out of the deep hole of job losses." (Source for the text above: Bloomberg)
Editor'a notes: understand that we are so far removed from the February 2009 stimulus that the Obama Administration cannot honestly take much credit for the improving economic scene. We all knew that America's version of free market activity would work to heal itself and it is doing just that. The average recession lasts 18 months and they recover without government assistance.
The desire to make a profit is more entrenched in the American business system than most folks understand. It will survive the policy pressures coming from Obama's desire to "fundamentally transform" this great nation. In the end, "trickle down" will be "discovered" to be the only way a free market economy works. The alternative is socialism. The problem with that system is that sooner or later, you run out of other people's money; in time, the entitlement class has to find a stinking job.
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