Unemployment dipped to 4.8% and 63,000 jobs went up in smoke. What does that mean?!? You read that correctly. A higher percentage of people who want employment are now able to find it. And there were wage gains, too. But fewer jobs. Apparently fewer people want to work right now. This means that fewer workers than last month were looking for employment and unable to find it, while at the same time, people with jobs earned slightly more. Sure, losing jobs is bad news, but seriously, when, in the entirety of US history, has there been under 5% unemployment with wage growth and everyone is screaming recession? We may go into a recession, but if this is what recession looks like, we've become a bunch of wimps. I'm still waiting for our first quarter of negative growth.
I agree, recession is likely to arrive, but ups and downs are a natural part of markets and economies. But if we call this a recession and panic, I expect heads will start exploding if we are visited by a real economic downturn, with 10% unemployment and GDP growth that ACTUALLY drops below zero.
Some perspective please. Let's try not to go to the emergency room when the weather's cold and our noses start to drip. Runny noses and cold weather are a part of life. It's not the plague, at least not yet.
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