Economy Inches Upward
Two things are a given at the beginning of every month: Rent is due and U.S. employment figures are released. In regards to the latter, the U.S. economy added 151,000 jobs in October, reverting a trend of four months of job losses but not enough to quantitatively change the rock-hard 9.6 percent unemployment rate. Underemployment, a better gauge at actual employment figures, did manage to decrease from 17.1 percent to 17.0 percent. That means that 17 percent of working Americans are unemployed, unable to find full-time work, or have given up looking for employment. —JCL The New York Times: 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 expanding their payrolls throughout 2010, according to a Labor Department report released Friday. Private job growth had been overwhelmed by the elimination of temporary decennial Census jobs and layoffs by state and local government during the summer and early fall — until October. On many levels, the October report was much stronger than expected. Forecasters had been expecting a gain of only 60,000 jobs. The report also revised the numbers for August and September, showing 110,000 fewer jobs losses than previously estimated. Hourly wages were slightly higher, too. Read more Related Entries November 3, 2010 The Tea Party and the Midterms November 3, 2010 Federal Reserve Finds $600 Billion in the Couch
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Economy Inches Upward
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on November 5, 2010. Filed under