Bad weather put a damper on hiring in January as the U.S. economy added just 36,000 jobs. Still, the unemployment rate dropped to 9 percent from December’s 9.4 percent, but that may be because many job-seekers simply gave up looking.
Even though it fell short of economists’ expectations, a 3.2 percent rise in the GDP during the last quarter of 2010 has rekindled hopes that the U.S. economy may be moving toward sustainable recovery.
You know things are bad when 345,000 Americans lose their jobs and that is seen as a positive sign. According to The New York Times, the fact that the toll on employment in May was not as profound as expected amplifies hopes of recovery.