If Christmas hiring got unemployment down to 7.8 THIS year why didn’t that happen last year? Or the year before that?
All unemployment extensions expire around Jan 14th 2013.
I have a hunch those who have already expired are being counted as working (whether they got a job or not)
And perhaps those about to expire jump on a short-term, part time job (perhaps dressed as a pirate on the street corner near a Halloween Store).
Others probably got a part time job which opened only during the holiday season.
The USPS did a BIG hiring spree for the holidays as well. The did a mass mailing of post cards announcing that. But again, short term jobs that last until jan.
Update: Bloombergs Alex Kowalski has an explanation that covers most of the confusion: The household survey showed an 873,000 increase in employment, the biggest since June 1983, excluding the annual Census population adjustments. Some 582,000 Americans took part- time positions because of slack business conditions or those jobs were the only work they could find. Jeryl Bier points out another part of the explanation: