Market last week soared based on some positive development in Europe and partly due to the unemployment numbers from November. Unemployment sharply dropped to 8.6%. If you read the unemployment report, you'll find that Non farm payroll increased by 120,000 in November. Out of this 120,000, 50,000 were employed by retail sector. Following is from the BLS, unemployment report.
"Employment in retail trade rose by 50,000 in November, with much of the increase occurring in clothing and clothing accessories stores (+27,000) and in electronics and appliance stores (+5,000). Since reaching an employment trough in December 2009, retailers have added an average of 14,000 jobs per month."
You don't need to be a Nobel winning Economist to realize that most people employed in November are due to the holiday season. I'd like to see the January employment situation before I get excited about the unemployment drop.
"Employment in retail trade rose by 50,000 in November, with much of the increase occurring in clothing and clothing accessories stores (+27,000) and in electronics and appliance stores (+5,000). Since reaching an employment trough in December 2009, retailers have added an average of 14,000 jobs per month."
You don't need to be a Nobel winning Economist to realize that most people employed in November are due to the holiday season. I'd like to see the January employment situation before I get excited about the unemployment drop.
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