Forget the shutdown: Job creation surged in October despite
dimmed expectations from the impasse in Washington.
There were a net 204,000 new jobs created for the month (of October),
though the unemployment
rate rose to 7.3 percent and households reported a huge drop in
employment, the Bureau of Labor Statistics said. A separate measure that
includes the underemployed and those who have quit looking also moved higher,
from 13.6 percent to 13.8 percent.
The numbers easily topped economist expectations of 120,000
new nonfarm payroll jobs for the month, though it matched estimates for a
slight increase in the headline jobless rate.
"I find this bizarre," Moody's economist Mark
Zandi told CNBC. "I wouldn't be surprised if this gets revised to some
degree...down." (quote taken from CNBC, here).
Editor’s
notes: Know that the
so-called “unemployment rate” rose to 7.3% for last month’s 7.2% as a function
of folks coming out of the shadows and re-entering the workforce. There are more than 8 million Americans not
working, not looking and not be counted
by the Department of Labor in the “7.3%” number. They are being counted, however,
in the second set of numbers (“13.8%”). This is the actual unemployment rate for the
month -
13.*% but the politicians love thinking up methodologies giving them a
path to falsifying the real-time numbers on most anything that negatively
effects their political futures.
Also, make note of
the fact that the “shutdown” ultimately effected nothing, despite what the
Compliant Media will continue to report.
With this report, while
unemployment numbers rose, so, too, did the number of “jobs created” -- a
good thing -- and
the unmentioned Gross National Product.
