October Jobs Report Shows Stable, But Slow Growth In The U.S. Labor Market
Written by Resources for Entrepreneurs Staff
The just released October jobs report shows that employment increased by 80,000 jobs last month and offers renewed signs of hope for jobseekers.
The monthly jobs report released by the U.S. Department of Labor shows that non-farm payroll increased by 80,000 jobs during the month of October, falling short of the 95,000 jobs that was forecasted by many experts.
However, the report also revealed that the economy added 102,000 more jobs than had previously been reported in August and September, dropping the unemployment rate to 9% - its lowest level in six months.
In general, the October jobs report is a positive sign for the U.S. economy and small businesses. When viewed in combination with other economic indicators, the jobs report seems to strengthen the assertion that the economy is in a period of stable, but slow recovery.
"We've now created 2.8 million jobs over 20 consecutive months of private sector growth, including more than 1 million jobs this year alone," says Secretary of Labor Hilda L. Solis. "Businesses reported significantly fewer layoffs in October. Consumer and business spending are both up, reflecting Americans' increased confidence in our recovery progress."
For many small businesses, particularly those in the retail sector, the true test of the recovery will be whether consumer holiday spending is enough to sustain additional hiring.
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