BLS Employment report: - Official unemployment rate fell 0.2% to 8.3% - Number of employed rose by 243,000 - Broad unemployment rate (which includes discouraged workers) declined slightly, from 15.2% to 15.1% - there was virtually no decline in the labor force, so importantly the unemployment rate fell because more people were employed, not because people got discouraged. That's huge. - Most of the gain in hiring was in the private sector This was a good month. Now one good month does not a recovery make, but hopefully a trend is forming in the right direction. Digging a little bit deeper, there is a dark side to the report. Most of the people who found jobs had been unemployed for a relatively short period of time. Those who had been unemployed for a while tended to stay unemployed. There is still a rationale for helping the long-term unemployed.