Is this good news?

Of course it's good news. I'm not sure we are recovering but a drop in unemployment is always good news

The rates don't include those who have given up or are "underemployed". Plus, 0.02% isn't much.

I usually don't pay much attention to U-3 numbers. Participation rate is also going down which sort of counteracts that buzz from the UE rate drop. Not to mention that the U-6 number is still over 14%. This was actually predictable, IMO.

This explains a fair amount of what accounts for those numbers. 

In the article I linked it states:

Joblessness fell most among teenagers, declining to 23.7 percent last month from 24.6 percent.

I'm not sure how many jobs from the 114,000 that accounts for.

I think people have given up looking. If so done isn't collecting unemployment how are they tracked. I think the unemployment rate in Michigan is much higher than stated.

Companies are starting to pick up seasonal workers. That's good, but not permanent.

It is encouraging. I wouldn't be so dismissive of "seasonal employment" because many of them become permanent positions --if the employee is a hard worker and professional and they need to increase their staff.Any drop in unemployment is good. At least its not a big increase. In my state hiring is increasing and unemployment is below 6%, I think 5.8%.

No we are heading into the holidays. I will bet those are temporary jobs. I hope for better but I doubt that is what it is.

Well it is changing but alot of damage has been done. From a balanced budget and 4% unemployment to disaster Thank you Preseident Bush!