While Big Pharma's Great Recession rolls on (with GSK layoffs, BMS salary freezes, AstraZeneca layoffs and Pfizer cutting its internal R&D budget), the bigger picture is coming a little clearer and is just a little better than last month's. These days, that's all we can hope for.
Today's BLS report indicates that the official unemployment rate (U3) for January 2010 was 9.7%, which is the lowest it's been since September 2009. It's also lower than December's rate of 10.0%. In addition, the broadest measure of unemployment (U6) is at 16.5% for January, which is lower than December's rate of 17.3% and lower still than October 2009's high of 17.5%.
One step in front of the other -- hopefully, Big Pharma will follow. Hopefully.