Don't expect too much celebrating from the White House today over news that the unemployment rate nudged down from 10.2% to 10.0%. For one thing, most of the decline can be attributed to a slightly lower labor force participation rate. For another, the White House has jumped the gun on trumpeting the appearance of green shoots before...when those shoots turned out to be bacterial outgrowths from the existing infection. Still, as a message multiplier, the day after the president's job's summit and the day the president travels to Allentown (are you sick of the Billy Joel references yet?), it's not bad. An administration official, reacting to the news, predicts "a long, bumpy road ahead. No time to be complacent." More, from our Business Channel.
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