As the economy begins to recover, we are continually bombarded with numbers, figures, and statistics. Unemployment now stands at 17.2 percent. On the bright side, only 110,000 jobs were lost last month, better that the 130,00 that were expected to be lost. Not so good news is that the average length of unemployment has risen to more than 28 weeks. We are now in the 23rd straight month of job losses. Most of the statistics are grim.
To the guy who has been out of work for several months and is facing the loss of his home, does it matter that 20,000 fewer jobs were lost last month? Does it matter to those struggling to meet their bills without jobs that weekly earnings rose $4.08, or that the average workweek rose from 33 hours to 33.2? The dour statistics, such as the rise of joblessness in Texas from 8.2 percent to 8.3 percent might help some to not take their circumstances so personally. But the bright statistics do little for the millions not included in them.
No doubt, improving statistics increases optimism. Some who are close to giving up might take encouragement in the numbers and renew their efforts to find a job. Those who are worried about losing their jobs might sleep a bit easier. But for all the solemnity and enthusiasm of economic reports, the parade of numbers seems more like a score card than a report card, and Obama is trying to win. When it comes down to it, the only economic numbers that matter are your own. Decimals do not provide much satisfaction.
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