Pretty good news on the eve of the 'great and pointless austerity:' the US unemployment rate fell to 7.7% on the strength of 236,000 new jobs. There was a time when I would find that number to be woefully insufficient given the depth of the crisis in jobs. But after years of moribund growth, I'll take anything that is reasonably higher than the 100,000-plus-change jobs it take to keep up with the natural rate of growth of the US workforce.
Unfortunately any momentum that the US economy might have picked up is likely about to be scuttled or at least seriously slowed by the sequester...
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