Don’t Sell America Short

The labor market continued to rebound in October. This morning we learned that the unemployment rate fell a full percentage point to 6.9%.

According to the Wall Street Journal, “Employers have added 12.1 million jobs since April, more than half the 22.2 million lost in the spring.”

We still have a long road ahead of us, but the rebound that we’re seeing in so many different data sets is very encouraging, to say the least. Ben and I covered this and a lot more in this week’s Animal Spirits.