The national unemployment rate has fallen from 9% to 8.6%, its lowest point since March 2009.
But no one, least of all the Obama Administration, should be jumping for joy. While 120,000 jobs were created, 315,000 gave up looking for work and are thus no longer deemed unemployed. I suspect a good chunk of those people might start looking for work in the new year and I would expect the unemployment rate to go back over 9% by January or February.
Here is what I wrote back in July concerning the unemployment rate and how President Obama could join the ranks of the unemployed because of it.