Unemployment Down to 9%, But Growth Still Anemic
Relatively good news from the BLS on the jobs front from last month:
Nonfarm payroll employment continued to trend up in October (+80,000), and the unemployment rate was little changed at 9.0 percent, the U.S. Bureau of Labor Statistics reported today. Employment in the private sector rose, with modest job growth continuing in professional and businesses services, leisure and hospitality, health care, and mining. Government employment continued to trend down. …
Total nonfarm payroll employment continued to trend up in October (+80,000). Over the past 12 months, payroll employment has increased by an average of 125,000 per month. In October, private-sector employment increased by 104,000, with continued job growth in professional and business services, leisure and hospitality, health care, and mining. Government employment continued to contract in October.
On it’s face, 80,000 jobs seems pretty good for one month. However, expectations were much higher and closer to 100,000. At this rate, population growth is still outpacing job creation.
Ed Morrissey at Hot Air tells us U-6 unemployment dropped back down three-tenths of a point to 16.2%, those who want work but can’t find a job rose from 5.867 million to 5.969 million, but “discouraged workers” dropped to 967,000. So it’s a mixed bag.
Hiring is slow despite the fact that the economy is revving up GDP wise, so how this effects the politics right now is up in the air.