BLS Issues Strong Jobs Report With 4 Days to Go Until Election

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    Total nonfarm payroll employment increased by 171,000 in October, and the unemployment rate was essentially unchanged at 7.9 percent, the U.S. Bureau of Labor Statistics reported today. Employment rose in professional and business services, health care, and retail trade.

    […]

    The change in total nonfarm payroll employment for August was revised from +142,000 to +192,000, and the change for September was revised from +114,000 to +148,000.

    Adding the revisions for August and September plus the 171,000 jobs created in October, that’s 255,000 new jobs. Also good news: the labor force participation rate is up to 63.8%, with 578,000 more people in the labor force. Clearly, the economic recovery is continuing, in spite of relentless Republican efforts to derail it. Let’s keep it going for 4 more years under President Obama’s leadership!

    P.S. Michael Tackett of Bloomberg News tweets, “Jobless rate ticks up bc 580K people joined the labor force… 410K of them found jobs.” Also, economist Justin Wolfers tweets, “The employment-to-populate ratio is up a staggering 0.5 percentage points since August. Unemployment is falling for the right reasons.” Brad DeLong writes, “Adding in 171K of September-October employment growth to 84K of upward revisions, we know think that the U.S. economy in October had 255K more jobs on a seasonally-adjusted bases than we yesterday that it had employed in September. That is a noticeably stronger economy, and that is very nice to see. The “2” in the hundred-thousands place makes me very happy…”

    • TIM KAINE STATEMENT ON OCTOBER JOBS REPORT

      Richmond, VA – Tim Kaine released the following statement on today’s Bureau of Labor announcement that the U.S. economy added 171,000 jobs in October and an additional 84,000 jobs in August and September:

      “With 32 consecutive months of private sector job growth and consumer confidence at a near five year high, there are encouraging signs that our economy continues to recover from a crippling recession.  That recovery is due, in large part, to the strength of our workforce and the entrepreneurial spirit of our businesses. While the trend is positive, there is more work to be done to strengthen and hasten our recovery.

      “Congress remains the true impediment to our economic growth.  In a few days, Americans can change that by sending leaders to Washington who can put aside partisan differences to get things done. My track record as a mayor and governor demonstrates my ability to work with leaders of both parties to invest in our communities, spur job growth, cut spending, and balance budgets.  That is exactly what our nation needs more of in Washington to free our economy from the ankle weight of a gridlocked Congress and accelerate our economic growth.”