'Official' jobless rate falls to 5.8%; 214,000 jobs created in October

October unemployment numbers show that 214,000 jobs were created, and the "official" rate of unemployment dropped from 5.9% to 5.8%.

The labor participation rate – at an historic low – inched up from 62.7 to 62.8.

Wages rose an anemic 0.1%, coming in under 2% for the year.

Businessweek:

Limited wage gains partly explain Americans’ dim perceptions of the economy, which helped Republicans capture control of the Senate from Democrats and solidify their majority in the U.S. House during the midterm elections this week. The results ensured that the GOP will control both chambers of Congress for the remainder of President Barack Obama’s term.

Private payrolls, which don’t include government agencies, increased 209,000 in October after a 244,000 advance. Factories added 15,000 workers after a 9,000 gain in September, today’s report showed. Construction companies took on 12,000 workers.

Employment at private service providers rose 181,000 in October, including a 52,000 gain in the leisure and hospitality industry that reflected more hiring at eating establishments.

The underemployment rate -- which includes part-time workers who’d prefer a full-time position and people who want to work but have given up looking -- declined to 11.5 percent from 11.8 percent.

Wages growing at less than the rate of inflation, 1 in 10 workers underemployed, and a big employment increase in the hospitality and food service industry – nearly 25% of the total number of new jobs.  That's a picture that supports the voter's view of the economy, not the administration's.  It's why 78% of midterm voters are worried about the future of the economy and have no faith that President Obama and the Democrats can fix it.


 

October unemployment numbers show that 214,000 jobs were created, and the "official" rate of unemployment dropped from 5.9% to 5.8%.

The labor participation rate – at an historic low – inched up from 62.7 to 62.8.

Wages rose an anemic 0.1%, coming in under 2% for the year.

Businessweek:

Limited wage gains partly explain Americans’ dim perceptions of the economy, which helped Republicans capture control of the Senate from Democrats and solidify their majority in the U.S. House during the midterm elections this week. The results ensured that the GOP will control both chambers of Congress for the remainder of President Barack Obama’s term.

Private payrolls, which don’t include government agencies, increased 209,000 in October after a 244,000 advance. Factories added 15,000 workers after a 9,000 gain in September, today’s report showed. Construction companies took on 12,000 workers.

Employment at private service providers rose 181,000 in October, including a 52,000 gain in the leisure and hospitality industry that reflected more hiring at eating establishments.

The underemployment rate -- which includes part-time workers who’d prefer a full-time position and people who want to work but have given up looking -- declined to 11.5 percent from 11.8 percent.

Wages growing at less than the rate of inflation, 1 in 10 workers underemployed, and a big employment increase in the hospitality and food service industry – nearly 25% of the total number of new jobs.  That's a picture that supports the voter's view of the economy, not the administration's.  It's why 78% of midterm voters are worried about the future of the economy and have no faith that President Obama and the Democrats can fix it.