To the ordinary citizen, a big jump in the unemployment rate seems like bad news. What could possibly be good about the fact that almost 400,000 more people were out of work in April than in the preceding month? After all, that painful increase hurts not only those without jobs and their families, but the malls and supermarkets where they shop as well. Yet when the Government reported that joblessness rose by 0.3% to 5.3% in April, financial insiders ( applauded, the bond market surged while stocks staged a brief but sharp rally, and publications ranging from USA Today to investment-house...
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