“UK UNEMPLOYMENT FALLS TO SIX PERCENT” (October 15, 2014)

Thus The Guardian today. “Decrease greater than expected, with jobless rate at lowest level since collapse of Lehman Brothers six years ago,” elaborates the newspaper. Good news for the United Kingdom, indeed. The last time the unemployment rate was lower than six percent was in August 2008. David Cameron is rejoicing. “Our plan is working,” he crooned. Now that American unemployment is just below six percent, America and Britain are leading the rich world. But European unemployment is another matter. It is just below seven percent in Germany, the subcontinent’s flagship. The European doldrums may well pull America and Britain back into the fold. The rich world is doing poorly primarily because the depression that plagues it is not recognized as such. This is especially true of Germany. After six full years, the term is still unknown in policy circles across the Atlantic. Anyhow, it is time to rejoice in occasional good omens, and the unemployment figures from America and Britain are surely among the best omens as of late.