Why job numbers are disappointing

This chart (via the NYT) tells the tale pretty well. It shows the job changes in this recession compared with recent ones (the black line representing the current downturn). The line has been rising, but nowhere near the point of real recovery. And December's net gain of 103,000 jobs is well below the levels needed to start chipping away at jobless levels (that would require a consistent gain of several hundred thousand per month). Even a big drop in the unemployment rate, to 9.4 percent from 9.8 percent, is suspect because more people left the job market. There was a little good news - the November number was revised up to 71,000 jobs from a previous estimate of 39,000. Plus, some economists have questioned whether the storms back east might have dampened hiring activity in December. For what it's worth, Wall Street doesn't appear to be in panic mode - the Dow is up about 10 points in early trading.