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Jobs are not easy to come by in this economy, but at least a second recession now seems unlikely.
The BLS released the preliminary September employment numbers this morning. Unlike last month, when the economy added an adjusted 57,000 private-sector jobs, this month the economy managed 103,000.
This was a lot better than some forecasters had predicted (the revised August numbers, +57,000 versus the Big Zee-Roh, were also welcome). Before today, I had seen September numbers ranging from zero to 130,000. The ADP report, a much-watched measure that comes out before the government total, anticipated 91,000 — the same number it anticipated last month — so the fact that we came in well above that is a cautiously positive sign.
The BLS report should quash speculation that we are heading for a double-dip recession, or that we're in some kind of quasi-recession right now. Felix Salmon doesn't think so — he's making more of a long-term malaise argument — but if we can avoid some kind of debt cataclysm in the Eurozone, then we may be able to turn the ocean liner at this point.