Some Good News at Last
NEW YORK, Nov. 5, 2010 /PRNewswire/ — The U.S. Bureau of Labor Statistics reported today that the private sector added 159,000 jobs in October and the unemployment rate held steady at 9.6 percent.
Today’s gain in private-sector jobs is a welcome surprise, marking three months in a row of more positive gains in private service employment across the retail and other sectors. The gains still aren’t enough to drive unemployment lower but may provide a boost to income for the month of October as well as to prospects for holiday spending. The longer-term question is whether this more favorable news in the labor market will continue after holiday temp workers leave the payroll. This is still a very weak economy in post-recessionary slow expansion. The Conference Board Leading Economic Index® for the United States suggests that overall economic growth will stay sluggish through early 2011.
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