In short, the unemployment/jobs report is more of the "same old, same old."

Update:  the real shocker for this October jobs report is found in the fact that 103,000 full time jobs were lost, last month,  while part-time work has increased by 90,000.  

Today's jobs report is well below expectations with 161,000 jobs created in October.  Sadly,  9,000 well paying manufacturing jobs were lost in October along with 2,000 mining jobs.  Retail jobs were up, as were construction jobs,  health care positions,  leisure and hospital related jobs  . . . .  relatively low paying jobs.  The unemployment rate was 4.9%,  a totally manufactured number in view  of the fact that more people left the workforce (200,000 folks) than jobs created (161,00).  As a result,  the participation rate remains at 40 year lows.  Blacks have an 8.6% unemployment rate and Hispanics,  5.7%.  

When we factor in the decrease in the size of the workforce,  we are told that the "real unemployment rate" is 9.5%, not 4.9%. 

Now you know the truth.  It ain't all that great.