As the wire reports say, November's unemployment drop from 9.0 percent to 8.6 percent puts the jobless rate at its lowest point in more than two years. But there are still more than 13 million unemployed folks -- Americans who want to work, have looked for a job in recent weeks and haven't been hired. And that doesn't count the folks who have given up. If you want to work but you're not actively looking for a job, you're not counted as unemployed.
Hundreds of thousands seem to have given up looking last month, which is what partly explains the drop in unemployment. That doesn't seem like huge progress. And, as Bloomberg notes: