Job creation exceeded expectations in the last two months. In October 110,000 new private sector jobs were created (which more than offset the 24,000 public sector jobs that were lost), and the Labor Department also revised September numbers up to 116,000 (25,000 more than originally reported). While growth is slow, the overall employment outlook is looking a little less bleak.
The private sector job growth had a small but positive impact on the nation's unemployment rate, which dipped from 9.1% to 9.0%, the lowest rate in six months.
My gut feeling (this is the opinion element of a blog that your friends warned you about) is that it will take little additional movement of the nation's unemployment number (a modest reduction to 8.5% or 8.6%) to get consumer confidence kicked up significantly and to secure re-election for Obama. Sometimes, you just need a little something to feel good about.
Revised on Saturday 11/5/2011
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