“Today’s drop in the unemployment rate is positive and
surpasses market expectations. The drop in the labor force is due primarily to
seasonal factors.
“We are encouraged by the steadily declining four-week moving
average of new unemployment insurance claims, which also shows that job losses
are slowing down significantly.
“We can also see where the new jobs are being created, such as
temporary help services, which tends to be a leading indicator that signals
stronger, more widespread job growth in the future. Other areas with job growth
include leisure and hospitality, financial activities and, for the fifth
straight month, construction.”
