Unemployment Turns Unexpectedly Better, Not By Much, Don't Get Too Excited

Bureau of Labor Statistics revised June estimates of job losses. Don't get too excited. The unemployment rate fell to 9.4% from 9.5%. Predictions were for increases in the unemployment rate. Any unexpected good is great and gives more signs that the recession is ending but that should be tempered by the fact the reduction in unemployment estimates may due entirely to the large number of people that left the labor force or are considered discouraged workers. According to BLS data the labor force declined by nearly 400,000 workers. Falling from 154,926,000 to 154,504,000. In another seemingly positive change hourly earnings are up.

Have to love the BLS.

Here is a link to NY Times article and Matt Yglesias

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