Posted on 11/05/2010 6:37:42 AM PDT by lbryce
The United States economy added 151,000 jobs in October, a welcome change after four months of job losses but still not enough to make a dent in unemployment.
Private companies have been slowly growing their payrolls throughout 2010, according to a Labor Department report released Friday. This private job growth had been overwhelmed by the elimination of temporary Census Bureau jobs and layoffs by state and local governments during the summer and early fall, until October.
Private companies added 159,000 jobs in October, while governments cut 8,000 jobs in the month. The month was much stronger than expected — most forecasts were for a gain of 60,000 jobs, 80,000 of which were from private employers. The reportalso sharply revised the numbers for August and September. The August data was revised to reflect a loss of 1,000 jobs instead of 57,000, and September was revised to 41,000 losses instead of 95,000.
Given that the economy lost more than 5 percent of its payroll jobs since the recession began nearly three years ago, and given that the work force has been growing since then, the country still has a long way to go before its 14.8 million unemployed are put back to work.
The unemployment rate was unchanged at 9.6 percent in October.
A broader measure of unemployment, which includes people who are working part-time because they cannot find full-time jobs and people who have given up looking for work, ticked down slightly to 17 percent from 17.1 percent in September.
The economy last added jobs in May, when more than 400,000 workers were hired by the federal government to help with the Census.
(Excerpt) Read more at nytimes.com ...
Free Republic:November 4, 2010:Bloomberg is calling for the unemployment rate to go to 10% tomorrow!
I wonder if over half of these jobs are in Texas, like last time?
Someone needs to staff the stores for all of those idiots that will be there to buy plastic junk from China.
The rest of us will be preparing for the effects QE2, and QE3.
I wonder the adjusted figures 3 months down the road will be.
Businesses started hiring when they realized the Republicans were going to be controlling the house in 2011.
We seem to be overlooking the hiring of professional voters in certain blue parts of the country. The post election numbers should be in line with Bloomberg’s prediction or higher.
Look at the source.
Just in time for the election. hehehe
NYT trying to throw a lifeboat to skippy.
Wow a whole 150,000 jobs for the whole country.
Boy that Obama, ain’t he grand?
This administration will need to trend this every month for the next two years to show an improvement in jobless rate numbers and 5 years to come back to 6%
The 6% number is based on new entries into the job market such as college graduates.
Personally, I don’t see it.
What with the toxic mortgages, QE2 and the signal they may go all the way to QE4, which will result in nearly $6 trillion of devalued dollars.
Add into this mix inflation and blamo!
My feeling is we don’t actually start to see improvement for at least another 4 years and nearly 10 for solid reliable numbers that show growth in the economy.
Fasten your seat belts....It’s gonna be a bumpy ride.
I’ll split the difference and the broadest indicator.
SUMMER OF RECOVERY!
Kholer just laid off 750 per news last night, Gov Christie in NJ is laying off 1,200......
You didn’t specify the year (decade?) of your Summer of Recovery.
NEW JOBS CATEGORIES FOR OCTOBER:
- People paid to attend leftist rallies
- People paid to vote for democrats
- People paid to tear down election posters of republicans and democrats
NEW JOBS CATEGORY FOR NOVEMBER:
- Republicans and Conservatives elected to replace democrats
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