The U.S. economy added fewer jobs than expected in November and the unemployment rate rose, dashing hopes that the recovery is gaining momentum.That rate rose because job growth is not keeping pace with the growth of the working-age population. In other words, not enough McJobs in retail and customer service are available to absorb the nation's cohort of liberal arts graduates.
Employment figures are traditionally considered a lagging indicator. Taken in conjunction with growth in the Non-Manufacturing ISM Report for November, traditional economists might interpret this collective news as typical of an early recovery. That opinion isn't justified for an economy with a 300%+ debt/GDP ratio.
