The increase is all the more disappointing given the relatively favorable economic data that has been coming out – please see a more formal look on Examiner.
It’s tough to explain away the lackluster numbers, though some of the sting was softened by an upward revision to September and October of almost 40,000. And the general trend over the past few months is favorable.
It would be nice to say that the 0.2 percentage point rise in the unemployment rate was attributed to discouraged workers re-entering the labor market, encouraged by improving economic data.
But most of the rise in the unemployment rate occurred amid job losses in the more volatile household survey, which provides the data for the unemployment rate.
Action from Capitol Hill on the way?
If there is a silver lining, weak job growth should encourage stubborn lawmakers who have refused to sign on to at least a temporary extension of the Bush-era tax cuts for all taxpayers to acquiesce.
And it may also bring about an extension in unemployment benefits, which though controversial, do provide spendable dollars to those who are most likely to use the funds for every day needs.
Since much of the recent economic data has been positive, gains in the labor market should eventually be forthcoming.
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