More good news about the economy this week: Third quarter GDP grew 3.6% -- the fastest rate in a year and half -- and the November unemployment rate fell to 7%--the lowest in five years.
But if you dig deeper into those numbers and superimpose them against the backdrop of the actual job market, they're not nearly as impressive.
The GDP gain was largely due to buildup in inventories, the unemployment rate is still high several years into an economic recovery and the percentage of workers participating in the job market -- working or looking for work -- has been declining steadily.
Add to that the impact of the recent 16-day government shutdown and a possible second round of sequester budget cuts -- if Democrats and Republicans fail once again to agree to a budget deal that could avoid them -- and it's not a pretty picture.
"No doubt the government shutdown hurt the economy and the job market" though a "resilient private sector" helped offset the impact, Jason Furman, chairman of the WhiteRead More »from American Workers Need Higher Wages AND More Mobility: Jason Furman