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.
posted by Rob @ 11/02/2012 07:45:00 AM
4 comments
4 Comments:
"Unemployment ticked up to 7.9 percent, but the economy added a very solid 171,000 jobs last month."
The 171k jobs added is a lousy number in a recovery, particularly a recovery from a deep recession. We need about 150k new jobs just to keep up with the increase in population. By the way, there were also a not so solid 170k jobs LOST last month.
"The Dow futures jumped more than 40 points"
The Dow was DOWN 139 pts for the day.
"The President will be re-elected and once the "fiscal cliff" is averted - and it will be averted - the economy will really roar."
Professor, you've been saying that the economy is poised to "roar" back for almost 4 years. We're still waiting.
Dennis
"A 1/32 Cherokee Tea Party guy having fun"
"There's never been a day in the last four years I've been proud to be his VP." Joe Biden for once speaking the truth
I have no idea why you are talking about 170K jobs lost.
When the jobs report was announced, the Dow futures jumped. By the end of the day the Dow was down. Wall Street loved the jobs report. Then during the day the profit takers won out. That doesn't change the fact that investors loved the jobs report.
I'm very comfortable with where the U.S. economy is right now - especially given the weakness in Europe and the slowing economies in China and India. I'm also very comfortable with where it is going in President Obama's second term.
"I have no idea why you are talking about 170K jobs lost."
This was included in the AP jobs report for October:
"The number of unemployed increased 170,000 to 12.3 million, pushing up the unemployment rate."
I don't know about you, but I think that's a pretty big deal.
"I'm very comfortable with where the U.S. economy is right now..."
So you're OK with a REAL unemployment rate of 14.5%?? Wow!!!
Dennis
"A 1/32 Cherokee Tea Party guy having fun"
"We’re going to have that person arrested and prosecuted that did the video."- Hillary Clinton to murdered Navy Seal Tyrone Woods' father.
The 170,000 was from people returning to the job market. That is a great sign - not a bad sign. People are starting to look for a job again because they know the job market is improving.
This is the kind of thing that makes me wonder about your understanding of the economy and the job market.
I am very comfortable because it is significantly improving. It is getting better and is light years ahead of where it was the direction it was heading when President took office.
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