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We got some tentatively good news today:
The number of people seeking new unemployment benefits in the U.S. fell last week to the lowest level since April 2008, a signal that the labor market is continuing the improvement than began late last year. Initial jobless claims fell by 50,000 to a seasonally adjusted 352,000 in the week ended Jan. 14, the Labor Department said Thursday. The decline was the largest in a single week since Sept. 24, 2005.
It's only a single report, but it's consistent with other improving economic news. If Europe can avoid a complete implosion, perhaps soon we will all be Smithians. The chart below, stolen from Steve Benen, shows the long-term trend.