National Unemployment Rate Lowest in 5 Years

Today the Dep. of Labor announced the results of its monthly jobs report. Normally this is an occasion of mind-numbing tedium, celebrated by a couple thousand politics-obsessed people in Washington, D.C., and ignored everywhere else. Today, the report is a little more interesting.

The November jobs numbers were very good, across the board. The unemployment rate fell to 7 percent, its lowest level in exactly five years, from 7.3 percent. The nation added 203,000 jobs last month, nearly identical to October’s numbers and affirming that hiring is starting to happen at a steady clip. Revisions to previous months’ data was slightly positive. Americans are working more hours, for slightly higher wages.

In other words, we’re getting closer and closer to pre-collapse levels and are several points better than where we were at the nadir of the nadir of the recession. On the other hand…the BLS says Philadelphia’s rate is still at 10.1%. Better than the 11% from earlier this year, and better than our friends to the east in A.C., but depressing nonetheless.

[Wonkblog]