I await Noam's take, but this seems like awfully encouraging news:

In the strongest jobs report since the recession began, the government reported Friday that the nation’s employers had all but stopped shedding jobs in November, taking some of the pressure off of President Obama to come up with a jobs creation program.

The Labor Department reported Friday that the United States economy shed 11,000 jobs in November, and the unemployment rate fell to 10 percent, down from 10.2 percent in October.

The government also significantly revised September and October numbers. September was adjusted to show a loss of 139,000 jobs instead of 219,000, and October 111,000 instead of 190,000.

Though the pace has been declining since a peak in January, the November number was surprising. Economists have been expecting a turning point to come in the late spring or summer, with employers finally adding workers as a recovery takes hold.