Although US GDP growth has now been positive for 6 successive quarters, unemployment has remain stubbornly stuck at close to a 10 per cent per cent rate throughout that time. Until today, the jobs data each month had poured a dose of cold water on the idea that the economy was embarking on a “normal” recovery. However, the December labour market data, published today, show the unemployment rate dropping to 9.4 per cent. This suggests that the last and most crucial leg of a normal economic upswing may finally be kicking in, although the rise of only 113,000 in private sector jobs was a tad disappointing. Read more
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