November 7, 2014

October Jobs Report Good but Not Good Enough

Another decent jobs report is out for October. Reuters reports, “Employers added 214,000 new jobs to their payrolls last month, the Labor Department said on Friday. The unemployment rate fell [to 5.8 percent] from 5.9 percent, even as more people entered the labor force, a sign of strength in the jobs market.” August and September numbers were also revised upward by 31,000. All isn’t completely well, however. The Washington Post notes, “[W]orkers have been hampered by minimal wage increases, and some seven million Americans say they are looking for full-time work but have found only part-time jobs.” The U-6 rate, which better accounts for such numbers, remains high at 11.5%, though it too dropped from September. In short, the numbers are good, but not nearly as robust as the economy needs to truly pull out of the Great Obama Stagnation.

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