October Jobs Report Released

Friday, November 2 -- The news is good. No, the news is awful. We're moving forward. Uh-uh we're stuck in neutral. The Bureau of Labor Statistics has released its October data. Of course the data is hugely spin-worthy particularly with the Presidential election looming.

We've added jobs, and people have reentered the workforce or re-booted their job search energized by lat month's job numbers. 171,000 new non agricultural jobs were added in October. The civilian labor force grew 578,000 to 155.6 million.

But we still have 5 million Americans - classified as long-term unemployed - who have been unemployed for 27-weeks or longer. The long-term unemployed accounted for about 40% of the total unemployed.

Involuntary part-time workers (those who want to work full time but can't find an appropriate job) fell by 269,000 to 8.3 million. The 813,000 "discouraged" workers who have stopped job hunting is down from a year ago by 154,000.

Career sectors adding jobs or trending upward: professional and business services (51,000 new jobs in October) healthcare (31,000), retail (36,000) and construction (17,000).

NPR's morning edition reporter mentioned he had a difficult time finding someone to interpret the most recent data through a glass half-empty lens. Alan Krueger, chairman of the Council of Economic Advisers spun positive from the White House.