Practical Economics: Dogs, Cats, & Shoes

The Labor Department released unemployment numbers this morning, indicating that only 247,000 jobs were lost in July, as compared to 443,000 in June. The unemployment rate fell from 9.5 to 9.4, the first drop since April 2008, leading some to cautiously suggest that the worst of the recession is over.

The Takeaway's Femi Oke reports on some NYC indicators of the economic health. First stop: the ASPCA, where the rates of pet adoptions tend to follow people's economic well-being. Could the dogs here give us a peek at which direction the economy is going?

Next stop: Wall Street, but not to visit the banks. Instead, Femi spoke with cobbler Minas Polychronakis, who for over 30 years has been repairing shoes for rich and poor alike.

By John Hockenberry, Amy Holmes, Femi Oke, Adam Hirsch, David J Fazekas