That's not to say that we're out of the woods yet. Presumably we got a little boost as seasonal hiring ramped up--and whlle the numbers are seasonally adjusted, the adjustments are never perfect. We also face a lot of unknowns, like what will happen as commercial real estate starts to unravel and foreclosures ramp up again. Even larger questions, such as "when will the Fed start getting serious pressure to tighten?" are even harder to answer.
Nonetheless, this is basically unalloyed good news. And we don't get all that much of it around here these days.
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