Big buzz today over the jobs number. The unemployment rate declined from 8.7 percent to 8.5 percent, a number derived from the so-called “household” survey from the Bureau of Labor Statistics, while the “establishment” survey saw an increase of 200,000 jobs.

Good news? Meh.This looks to be in line with the reports we have seen, more or less, over the last year, and an indication that we genuinely are in the midst of an employment depression.