Explaining Southern California's economy

Stuckflation continues: 80,000 new jobs in October does not a recovery make

Mercer 5421

Getty Images

Unemployment in America grinds on as job seekers confront a weak recovery.

The BLS released October employment numbers this morning, and the numbers were disappointing. We were looking for around 100,000 new jobs, but we got only 80,000. The pattern for the past few months has been for a low number to be revised up. August, for example, came in at zero (yes, zero) but was later revised up, as was September.

So that's the silver lining. Taking revised data into account, we added about 100,000 more jobs than the BLS originally thought at the end of the summer and into the early fall. 

Altogether, this was enough to shave 0.1 percent off the unemployment level: we went from 9.1 to 9.0 (Hooray, U.S. economy!). Obviously, this is a dismal pace of improvement, unlikely to do much at all to bring the economy back to "full" employment of around 4 percent anytime soon. 

Read More...