The unemployment rate declined to 7 percent last month, it’s lowest level in five years, providing a boost to President Obama as he seeks to emerge from the Obamacare rollout fiasco.
Some previous declines in the unemployment rate have been largely due to people giving up a leaving the workforce, but November seems to be different, as payrolls rose by 203,000.
Average hourly earnings and time spent working also increased.
Nevertheless, the new numbers, coupled with tempered expectations for GDP growth during the final quarter of the year, suggest an economy that is steadily gaining ground, not not one posting particularly strong growth.
And of course, the growth, while overall welcome news to the White House, is depriving President Obama of his planned talking point that GOP tactics on the debt ceiling and budget had ruined the recovery.
White House Council of Economic Advisors Chairman Jason Furman was left to rationalize predictions of a Republican-generated meltdown away in a statement this morning:
Today’s report was yet another reminder of the resilience of America’s private sector following the disruptive government shutdown and debt limit brinksmanship in the first half of October.
See, America is so strong even you Republicans couldn’t stop it!
Actually, the nation is slowly coming back – though hardly out of the woods yet – despite five years of crushing Obamanomics.