GDP growth revised up to 3.6%
GDP news gets better yet

Unemployment rate drops to 7%

The latest jobs report shows the unemployment rate dropped to 7.0% in November, the lowest level in five years.  In addition, the economy added 203,000 more jobs.


The last time the unemployment rate was this low was in the worst period of the Great Recession.  During the fourth quarter of 2008, the unemployment rate climbed from 6.1% to 7.3%, on its way to 10% by the end of 2009.  During 2009's bleak fourth quarter, real GDP contracted by more than 8%.