Friday, November 05, 2010

October Saw More Jobs, But That Didn't Change the Unemployment %

Of course the GOP will claim credit for this.

U.S. employers added a better-than-expected 151,000 jobs in October the Labor Department reported Friday, but the number was less than the 200,000 needed to start returning the 15 million unemployed Americans to work.

Private-sector hiring was up 159,000, a number that also beat Wall Street’s expectations, while the nation’s unemployment rate remained at 9.6 percent for a third straight month.

The jobs report illustrates why the Federal Reserve felt it needed to announce Wednesday a plan to buy $600 billion in Treasury bonds. Those purchases are intended to lower interest rates on mortgages and other loans and help boost the economy.

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