The Jobs Report Democrats Did Not Want Before Christmas — and Republicans Should Not Waste
Employers added 165,000 jobs in October. Unemployment fell to 4.1%. Wages rose. Long-term joblessness also jumped. Here is what Friday's Bureau of Labor Statistics release actually says — and what it means for the Fed, for paychecks, and for a White House that just lost Congress.
By Clara Hughes
Friday's Employment Situation report landed three days after voters punished Republicans over the cost of living. It did not look like a recession. It looked like a labor market that is still hiring — with a catch households already feel. Total nonfarm payroll employment rose by 165,000 in October, and the unemployment rate changed little at 4.1%, the U.S. Bureau of Labor Statistics reported Nov. 6. CNBC said the payroll gain was "way more than expected" against a Dow Jones estimate for 59,000; the jobless rate edged down from 4.2% versus a 4.2% forecast. USA Today likewise called the 165,000 figure "surprising" against a mean forecast near 59,000. Reuters reported that economists it polled had expected about 65,000 jobs after a previously reported 29,000 in September — a September figure BLS has now revised up to 60,000, with August revised up to 186,000, CNBC noted. In other words: October was strong, and the two prior months were stronger than first