Friday, November 04, 2011

October Jobs Report: 80k Jobs, 9.0% Unemployment

The October jobs picture is a mixed bag. The government released the figures earlier today, which provide one piece of bad news with one of potentially good news. For one, employers slowed job growth to just 80,000, coming in below expectations. Secondly, the unemployment rate fell from 9.1% to 9.0%.

This could be seen as a positive-- more are back to work, or as the fact that more have given up looking for employment.

"Either survey portrays a job market that is a bit better than people might have hoped for," said David Resler, chief economic consultant with Nomura.That said, there's still a lot of room for improvement. Roughly 13.9 million Americans remained unemployed in October, 42% of whom had been out of work for 27 weeks or longer.

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