Finally!! October employment reports job creation of 151,000

Nonfarm payroll employment increased by 151K in October, and the unemployment rate was unchanged at 9.6 percent. Since December 2009, nonfarm payroll employment has risen by 874K. 

As we have previously stated, it takes monthly job creation of at least 150K to have some kind of job creating momentum enought to get rid of unemployment.  We finally have it. We can only hope that we will have some solid job creation going forward. To have real sustained growth we need to string at least 3 solid months of 150K+ employment to start mopping up all the excess workers.

I bet Obama wishes these numbers would have come out one week ago so he could take credit. 

The workforce participation rate slowed down over the month. They are down 0.5% from a year prior, which means 411K people have left the marketplace and stopped looking altogether.

On the positive side, temp agencies have reported a monthly gain of 35K.  The combined effect in this sector is a total of 451K jobs since a recent low in September 2009. Another bright sector is Health care which added 24K jobs. 

We are finally in Job Creation territory

But actual unemployment rate doesn't budge


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