U.S. economy added just 12,000 jobs in October, impacted by hurricanes, Boeing strike Key Points Nonfarm payrolls increased by 12,000 for the month, down sharply from September and below the Dow Jones estimate for 100,000. The unemployment rate held at 4.1%, in line with expectations. The BLS noted that the Boeing strike likely subtracted 44,000 jobs in the manufacturing sector, while hurricanes also likely held back the total. Revisions lowered previously reported job creation totals by 112,000 for August and September combined. Reading the report it talked about the downward revisions in the previous two months. Also that government jobs was one of the two sectors showing job growth while manufacturing fell 46,000 jobs due primarily to the Boeing strike. It is not great news for the administration but not devasting either.
I want to see how Trump spins this. If he was telling the truth, he would say something like, "This is the worse jobs report since I was in office." But knowing him, it will be something along the lines of, "It is the worst job report EVER!"
Is anyone else concerned that government jobs seem to be the one sector that is growing? The country can not survive with just government jobs. 1,598,000 government jobs were added in the last 4 years, a 7% increase in total federal government jobs. All Employees, Government
No, not concerned with that because it's not true. We've added millions of private sector jobs in the last few years.
Yeah, the UE rate in October 1984, right before Reagan won in a landslide, was 7.3%. And the inflation rate in October 1984 was 4.26%.
One burger that's hard to swallow is the continuation of jobs revised down every month (112,000 from the previous 2 months). In addition to October’s nearly nonexistent change in employment growth, the gains for August were revised downward from 159,000 to 78,000 jobs, while September’s numbers were revised down from 254,000 to 223,000 jobs. Not-to-mention the jobs created are simply more government and healthcare jobs (mostly government related) at the expense of business & professional services. And 5% of Americans are working 2 jobs...something I doubt they really want to except out of necessity.
Yeah, 5.1% multiple job holders is way outside the norm. As opposed to January 2020, when it was 5.2%, January 2017, when it was 5.0%...or just about any month during a growing economy.
I think we're close to or have already crossed a dangerous threshold with regards to the government's portion of the economy. Sadly, neither candidate plans to do anything about this or the fact that we spend more on interest than defense (or are very close to that number).
Very concerned. Govt growing is same as mold growing. This is very bad. Only a fool would cheer on government growth, more blood sucking leeches.
