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(Marcio Jose Sanchez/AP)

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Enjoy the cheery U.S. jobs news while it lasts

Enjoy the rosier U.S. jobs figures while they last. The 146,000 new positions added in November were more than expected while the 7.7 per cent unemployment rate is the lowest level since December, 2008. But the labour force participation rate also sank to a 30-year low and fiscal austerity, cliff-driven or otherwise, looms. That portends a work force reversal of fortune.