Friday, November 04, 2011

Yes, the unemployment rate went down, but...

...there were fewer jobs added last month than had been expected.

Politico sent the following news alert at 8:43 a.m. EDT:
The unemployment rate fell to 9 percent in October from 9.1 percent in September, but the country added a disappointing 80,000 jobs, well below expectations that as many as 100,000 jobs would be created last month, according to data released by the Labor Department on Friday.
Reuters adds that the continuing mixed messages about the nation's employment picture nip at the president's heels.

The labor market remains the Achilles heel of the economic recovery, and progress at putting the 13.9 million unemployed Americans back to work remains painfully slow.

The slight improvements in the labor market hinted at by Friday's report will likely do little to take the pressure off President Barack Obama, who faces a tough fight for re-election next year.

However, they may be enough to keep the Federal Reserve on the sidelines as it considers whether the economy could benefit from a further quantitative easing of monetary policy.

No comments: