by Ric Ottaiano
November 4, 2006
The unemployment rate dropped to a five year low of 4.4 % in October while 92,000 new jobs were added. Wages have grown 3.9% over the last twelve months.
The average time that the unemployed spent in their search for work in October was 16.5 weeks, an improvement from the average 17.4 weeks registered in September.
This is all very good economic news and is again indisputable evidence that tax cuts stimulate the economy. But will it make a difference next week?
UPDATE: Here is a perfect example of what I’m talking about. On the release of this new data, The Economist runs an evenhanded piece recognizing the good economic news. The NY Times, however, on the same economic report, runs a piece titled, The Economy Cools and predicts a recession.
[You can also see this article at Release The Hounds!]
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