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Job Market Soft, Improving

Friday, November 4, 2011 - 2:30pm

The new October jobs report is out. The Labor Department reports there was some growth, but not enough to make a real dent in the nation's unemployment rate.

The unemployment rate dropped to nine percent in October following the addition of 80,000 new jobs. There were also big revisions from September, with more than 50,000 more new jobs than first reported.

Overall it's still far short of what economists say is needed to support a strong recovery.

"We need to double numbers like that. We need some months with 200, 250,000 if were going to make a serious dent in the unemployment rate," says former White House economist Jared Bernstein.

Others are a bit more optimistic.

"It's stabilizing, and beginning to restabilize a little bit which is optimistic," says Mesirow Financial chief economist Diane Swonk.
 

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