From CNBC:
Employment growth was better than expected in October and the unemployment rate fell sharply even as the U.S. faces the challenge of surging coronavirus cases and the impact they could have on the nascent economic recovery.
The Labor Department reported Friday that nonfarm payrolls increased by 638,000 and the unemployment rate was at 6.9%. Economists surveyed by Dow Jones had been looking for a payroll gain of 530,000 and an unemployment rate of 7.7% a touch lower than the September level of 7.9%.
October’s gain was just slightly off the September pace of 672,000.
The jobless rate decline was positive as it came with a labor force participation rate that rose 0.3 percentage points to 61.7%. An alternative measure that includes discouraged workers and those holding part-time jobs for economic reasons also declined, to 12.1% from 12.8% a month ago.
3 comments:
Golly, it sure is the Trump economy! "Unemployment Rate in the United States averaged 5.76 percent from 1948 until 2020, reaching an all time high of 14.70 percent in April of 2020." WE DID IT! BIGGEST WIN! We've come a long way, baby! I mean, who cares if people are taking 2, 3 jobs to replace the one they lost? That's what they get for being lazy!
Then there is Democrat Jimmy "Malaise" Carter.
So, you're just going to ignore the presidencies that proceeded and followed Carter's 4 year term in office? Gerald Ford and Ronald Reagan, both with significantly higher spikes and overall averages? Under Ford, unemployment never dipped below 7.4% (his average in office was 7.8%). Under Reagan, we saw the biggest spike since WWII - 10.8% in 11/82 and unemployment never got below 7% until 11/86 (his average over his 8 years in office was 7.5%).
I mean, if we're going to dig into decades past, let's not cherry-pick.
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