AP reported that the 204K was based on 5 weeks of employer survey collection instead of the standard four weeks, because of the gov shut down. Assuming the hiring each week is about constant, the 204K figure corrects to 163K, and yes, there is a bump up as retailers hire temps for holiday shopping. AP also reported that the bulk of hiring was for low wage jobs.
Why is everyone so excited over those employment numbers? Hasn't anyone heard of seasonal employment? Has everyone forgotten about Thanksgiving and Christmas? Those temps will all be looking for work again in January.
You guys are the reason. You're so down on the economy that when we get anything decent there's a celebration. In the election last year Romney made a big deal about 8% unemployment. When we finally got below 8% it looked good.
Last Friday Federal Reserve Chairman Ben Bernanke said there was still an "awful lot of slack" in the U.S. labor market, but cautioned that economic data did not do a good job of providing an accurate measure.