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11-10-11, 80,000 Jobs and Everyone Thinks It’s a Good Report

The U.S. Bureau of Labor Statistics reported the U.S. economy added 80,000 net new jobs in October. Further, the unemployment rate dropped .1% to 9%. August and September numbers were revised upward by 47,000 and 55,000, respectively. Also encouraging was the increase in labor force participation to 64.2%. As Americans become more confident they can find work, they re-enter the labor force and hopefully generate some sort of income. Also, the U-6 measure declined from 16.5% to 16.3%. Average workweek remained unchanged at 34.3 hours and average hourly earnings increased 5 cents.