There’s good news this week in the monthly jobs report, the latest sign that the economy, however grudgingly, has healed from the financial crisis nine years ago:
The unemployment rate fell to 4.6 percent, the Labor Department said, from 4.9 percent. The last time it was this low was August 2007. That was the month, you may recall, when global money markets first froze up because of losses on United States mortgage-related bonds: early tremors of what would become a recession four months later and a global financial crisis nine months after that.
These things, of course, are cyclical. Here’s how the unemployment rate has changed, by state, during my lifetime: