It's the first Friday of the month, so you know what that means. The latest jobs report was released this morning, and it is somewhat unusual compared to previous months and put in the context of the government shutdown.
Here's what you need to know:
- 204,000 jobs were created in October
- The unemployment rate ticked up to 7.3%
- The labor force participation rate fell to 62.8%
- The U6 jobless rate (the real measure of unemployment) went up to 13.8%
- Jamie Dupree points out that average number of jobs created per month in 2013 is 186,000, which is slightly above the 183,000 average for 2012.
- 720,000 Americans left the labor force in October, according to Breitbart
- 357,000 fewer women held jobs in October, according to CNS News
What's amazing here is that the government shutdown for most of October didn't really manage to impact the unemployment figures. Obama and the Democrats predicted catastrophic consequences if their big, bloated federal government wasn't able to function in its full capacity. Apparently those warnings turned out to be unfounded, just like they did with the sequester, which was supposed to result in apocalyptic economic consequences.
But as James Pethokoukis points out, even if we added about 200,000 a month, it will take 5 years to return to the employment levels enjoyed before the recession. In other words, we are still far from recovered. We have a long way to go just to get back to where we were, much less grow in the future. With Obama's policies stifling opportunity and a record number of Americans leaving the labor force, it's hard to see how that will be possible.