Wednesday, July 28

October jobs and unemployment

The Foundry Morning Bell: “The October jobs report essentially agrees with the rest of the current data on the economy — the economy is growing slowly, too slowly to bring down unemployment rapidly. In fact, the unemployment rate rose to 7.9 percent in October and the economy created about 171,000 jobs, roughly equal to the usual number of new workers in the labor force. The October report partly reversed the mysterious drop in the unemployment rate in the September jobs report.”

Wall Street Journal Real Time Economics: “The U.S. unemployment rate rose to 7.9% in October, but behind the increase was some good news evidenced by a fall in a broader measure of unemployment to 14.6% from 14.7% a month earlier. The increase in the main unemployment rate was driven by positive factors. In previous months, the rate has fallen because more Americans were no longer looking for work. This month the rate increased because the opposite trend was occurring. For the second month in a row, the labor force increased, as more people were seeking jobs. That could be a sign of confidence in the state of the labor market.”