Friday, May 8, 2009
According to the most-watched establishment survey of jobs, there were fewer layoffs than expected in April (539K vs. 600K). But according to the household survey, which often does a much better job of reflecting reality at turning points in the economy, only 14,000 jobs were lost. The reality might be somewhere in the middle of these two surveys; either way, today's news marks a significant inflection point for the economy. The labor market is nowhere near as bad today as it has been in recent months. This is one more in a long and growing list of signs that we've seen the bottom of this recession and the economy is probably growing.
Posted by Scott Grannis at 8:02 AM