There are some positive signs in Friday's report from the Bureau of Labor Statistics showing the unemployment rate jumped to 10.2% - a 26 year high - but you have to look hard to find them.

There's an interesting juxtaposition between the employment report and the statement issued Wednesday by the Federal Open Market Committee in which the FOMC twice referenced inflation (instead of the usual single mention) and hinted strongly it would look at inflation rather than growth in setting monetary policy. The slower pace of job losses. 99,000 (factoring in the revisions to August and September) would be a sign of a turn, though not necessarily growth.