Things are bad when this looks good

The jobless rate fell 0.1% and there was almost celebration this morning. I'm sorry, but 9% unemployment isn't anything to be bragging about. It is still twice what the rate was under both Clinton and Bush and as it stands, it is projected to stay above at least 8.5 through the end of next year, if not increase.

U.S. Payrolls Rose in October; Jobless Rate 9% The U.S. jobless rate unexpectedly fell in October while employers added fewer workers than forecast, illustrating the “frustratingly slow” progress cited by Federal Reserve Chairman Ben S. Bernanke this week. The unemployment rate fell to a six-month low of 9 percent from 9.1 percent, even as the labor force grew. The 80,000 increase in payrolls followed gains in the prior two months that were revised up by 102,000, Labor Department figures showed today in Washington. “We’re making progress at a very slow pace,” said John Silvia, chief economist at Wells Fargo Securities LLC in Charlotte, North Carolina, whose forecast for a gain of 85,000 jobs was among those that came closest to the result. “It indicates continued consumer spending, getting a little better over time.”