Good October Jobs Numbers
Unemployment ticked up to 7.9 percent, but the economy added a very solid 171,000 jobs last month. There was also an upward job revision for September from 114,000 to 148,000 jobs. Government jobs was the only sector that fell, it was good to see that even manufacturing rose.
The Dow futures jumped more than 40 points. This is just another number that supports the fact that we are in recovery. The housing market has been increasing, consumer confidence and GDP has been rising, and the last two weeks' unemployment claims have been falling, so the jobs number is in line with expectations.
This report is a good one for the President and for the country. What we can see is that even with increasing jobs we saw unemployment tick up - that is actually a good sign. What it says is that there are people who were out of the work force who are coming back in.
The President will be re-elected and once the "fiscal cliff" is averted - and it will be averted - the economy will really roar. Private sector investment is likely to be under pressure because of the uncertainty with Congress' ability to avert sequestration and the fiscal cliff. Once the President is re-elected, there won't be any reason for Republicans to remain stubborn about not working with the President.