For two reasons. First and most obvious, we have now had three months in a row of adding over 200k jobs and they are private sector jobs. Second, unemployment went up slightly, which is actually good news because it reflects more people entering (or re-entering) the labor force. This is a signal that the non-employed feel that it is worth their time to dip their toe back into the market. For more details, see today's
NYT account. CORRECTION: NYT changed their account and I need to change mine. The labor force actually did not change all that much. The unemployment rate is based on a household survey, which showed a small decline in employment. But who are you going to believe -- payroll data from employers or phone surveys? Does anyone actually answer phone surveys any more?
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