October Jobs Report Shows Persistent Economic Growth

The October Jobs Report was released by the US Bureau of Labor Statistics (BLS) today and the key results showed that the total nonfarm payroll employment increased by 171,000 in October, and the unemployment rate was essentially unchanged at 7.9 percent.  Economists were expecting 125,000 jobs to be added, so the October numbers are a mild surprise.

The BLS also added that Hurricane Sandy had no discernable effect on the employment and unemployment data for October.

Paul Dales, senior United States economist for Capital Economics, provided this assessment of the Jobs Report for the NY Times:

“Generally, the report shows that things are better than we’d expected and certainly better than we’d thought a few months ago, but we’re still not making enough progress to bring that unemployment rate down significantly and rapidly.”

The economy has added jobs for 25 straight months.  Over the last twelve months, the economy has added 1.7 million jobs, including 700,000 in the last 4 months:

More on the October Jobs report can be found at:

 

[Originally posted on the AppleOne Employers Blog on November 1, 2012]

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