All major US stock indices declined today on the news that "only" 57,000 new jobs were created in November. But you can't complain about 4 straight months of job gains, and probably solid jobs numbers through the end of 2004. And the 5.9% unemployment and anticipated 4th quarter growth rate of "only" 5%-6%, as opposed to the 3rd quarter's 8%, could only be disappointments to a worldclass optimist.

The jobs data must be taken within the context of the increasingly multi-national nature of business however. For example in the past year our business has lost 2 positions, created 18 new ones, but only 6 in the US. In another 10 years India will be considered a subsidiary of the United States!