By and large this was clearly a better-than-expected jobs report that we just got.
Some bad news:
- The average duration of unemployment from 33.3 weeks to 33.9, reversing gains (we had been at 33.6 in August).
- Those unemployed 27 weeks or longer jumped form 41.7% of the unemployed pool to 41.8%.
- Those unemployed 15 weeks or longer jumped from 57.5% of the unemployed to 58.8%.
- Not surprisingly, the short-end dropped big.
So what this all means is the structural unemployment problem — finding jobs for the people most out of the workforce — are still having a heckofa time finding jobs, and it may be getting worse.