The number of unemployed in the US has gone down in the past month of November which is good news for the economy. Modest gains have been recorded every month for a full quarter now. However, part of those gains, however small, have to be attributed to the Christmas spending spree. What happens in the later Winter months will be a better indicator of the seasonal trends.
Unemployment for the US went down to its lowest levels since March 2009. Canada, on the other hand, saw a tiny increase. The decrease from 9 to 8.6 also stems from better than expected numbers in the revised Sept-Oct figures. The private sector, namely retail, were the leaders in the pack.
The latest macro figures from the largest states confirm the decreases in unemployment, albeit, again, the decline is minute.
The nation’s largest state, California has seen a decline in the past two months (Oct and September) to the tune of slight more than 1.1%. NY on the other hand has seen similar declines, but their losses (which are good) are even smaller.
What the figures do not indicate on the surface is how many people are in fact exiting the workforce. Without full employment many are starting home based businesses and even though they do not necessarily make more money, they are no longer counted as unemployed.