Google’s unemployment index creates an interesting lens on year-over-year changes in searches related to job losses. While we’re falling from high levels, the level of growth in such searches (i.e., unemployment, social, social security, unemployment benefits, etc) has tailed off considerably from the peaks of a year ago.
[Update] A few people seem to think that I’m arguing that this is wildly bullish, or that we’re about to create 10m jobs next month. I’m not. I’m merely pointing out that things on the unemployment front have stabilized at current levels, and are even improving marginally. This meshes with what we’re seeing in the “official” jobs data, so it’s not a huge surprise, but it’s nice to see it confirmed from another behavioral source.