Two pieces of good economic news

First, the level of initial claims for unemployment benefits has probably peaked.

http://www.calculatedriskblog.com/2009/11/weekly-initial-unemployment-claims.html

Second, the Fed is correctly recognizing that rates cannot be raised any time soon despite our recovery and did not change their previous language on the topic, despite a distinct change in GDP performance. The GDP recovery of last quarter is not organic... it is a government mandated recovery and is--so far, at least--only as strong as the government action backing it. If the federal government trimmed the budget or if the Fed raised interest rates the economy would collapse on the spot. So hats off to the Fed for bucking the happy-talkers and inflation-hawks.

The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.

http://www.calculatedriskblog.com/2009/11/fomc-statement-low-rates-for-extended.html

the long spend will help sustain the GDP

...hopefully they'll concentrate on getting the middle class back to work.