The government job stats indicate a fall in the unemployment rate and, as usual, there are two ways to look at it:
The official view:
“The closely watched employment report will likely cement views that economic growth accelerated in the fourth quarter after a tepid performance in the first nine months of 2011. However, the pace of job creation remains too slow to signal a robust economic recovery is finally under way.”
and Karl’s view:
“Here’s the problem with this report — the non-institutional working-age population went from 240.441 million to 240.584, a gain of 143,000 people of working age. But the number of employed people went down from 141.070 million to 140.681 — a loss of 389,000. Adding the two, which is the correct way to look at it, the economy on a population-adjusted basis lost 532,000 jobs.”
You can look at Denninger’s charts to see why he is not so impressed. It still does not look very good. Yet there is still not much visible anger against Congress and the White House. A day or two ago Rasmussen said polls show voters desert the Democrats and either remaining or joining the Republicans and Independents. Perhaps the discontent will surface at the ballot box.