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November 5, 2010 in Business, Nation/World
Hiring spurt in October eases jobs crisis a bit
WASHINGTON — The jobs crisis eased a bit in October as companies stepped up hiring, suggesting further gains ahead.
Still, hiring remains far too weak to drive down unemployment, now stuck at 9.6 percent. And the newly elected Congress will come under pressure to take action to accelerate job growth.
The burst of hiring — 159,000 net jobs added by private employers — nevertheless raised hopes that companies are finally emerging from the hiring stall seen during much of the summer.
The previous big spurt of job growth — a healthy 241,000 — came in April. Private companies have now added jobs for 10 straight months. That shows that recession-battered companies have regained some appetite to hire after slashing jobs for nearly two straight years in a row.
While saying he was pleased with the improvement, President Barack Obama conceded the economy still isn’t creating enough jobs for the nearly 15 million people out of work.
Reaching out to the new Congress, which convenes in January, the president said he is “open to any idea, any proposal, any way we can get the economy growing faster so that people who need work can find it faster.”
Earlier this week, voters angry over the jobs shortage handed control of the House of Representatives to Republicans. The Senate stayed in Democrats’ hands. The split will make it harder for Obama to enact any major economic initiatives. There’s little appetite among Republicans to provide a fresh dose of government spending to stimulate the economy. They warn against further swelling the nation’s $1.3 trillion budget deficit.
Rep. John Boehner, of Ohio, likely the next House speaker, said the top of his to-do list is extending tax cuts passed during President George W. Bush’s first term, which expire at the end of the year, and cutting government spending.
“Our economy will ultimately recover, but it will do so because of hard work and entrepreneurship, not more of the same Washington spending sprees and job-killing policies the American people have repudiated so loudly and clearly,” Boehner said after the latest employment figures were released.
When government job cuts — which totaled 8,000 last month — are factored in, the economy added 151,000 jobs in October, the Labor Department’s report showed today. It marked the first increase in total payrolls in five months. All the momentum came from private companies.
“Companies are starting to deploy their cash stash and increase hiring, as consumers are opening their wallets a little wider,” said Sal Guatieri, economist at BMO Capital Markets Inc.
That all bodes well for helping energize the fragile economy. The Federal Reserve’s announcement that it will buy $600 billion in bonds, to lower interest rates and try to get Americans to spend more, might also lift the economy.
“The employment market may have gone through an inflection point,” said economist Sung Won Sohn of California State University.
“The overall job picture in October was much better than anticipated. Services sectors led the parade. Retailers have begun to hire for the holiday shopping season. With consumers in a better mood, it is hoped that they will splurge during the season.”
Among the newly hired is Kelly Paolino, who said she landed a job last week after looking for more than a year. Paolino, 30, took a 10 percent pay cut to become an entertainment assistant in New York City. Yet after 12 months of job hunting, she said, just about any position seemed attractive.
“I would get up in the morning and sit down in front of the computer for hours looking for job postings,” Paolino said. “I did it for 10 or 11 hours a day. It became my full-time job.”
Despite the hiring gains, unemployment isn’t expected to budge much this year. Economists think it could take until near the end of this decade to drop the jobless rate to a more normal 6 percent.
“Even though the economy is no longer in recession, the unemployment rate is coming down very slowly,” Fed Chairman Ben Bernanke told college students Friday in Jacksonville, Fla.
There were 14.8 million people unemployed in October. Adding those people to others who are working part time but would prefer full-time jobs and those who have given up looking for work, nearly 27 million are “underemployed.”
That’s 17 percent of the labor force. It’s down a bit from September’s 17.1 percent. Still, the new “underemployed” figure remains close to a record high set last year.
Economists say it would take up to 300,000 new jobs a month to reduce the unemployment rate significantly.
The crater of losses created by the recession will take years to emerge from. To date, 7.5 million jobs have vanished since December 2007, when the recession started. At the current pace of job creation, it would take roughly seven years to recover those losses.
Most of the job gains last month came from the lower-paying services sector. Those jobs also tend to have few, if any, benefits.
Retailers added nearly 30,000 jobs last month. Temporary-help firms added nearly 35,000 jobs. Administrative and support services jobs grew by 41,000. Bars and restaurants added 24,400 jobs. Higher-paying jobs at factories were cut by 7,000. The construction industry added 5,000 jobs.
Accounting and bookkeeping jobs shrank by nearly 5,000. Jobs at hospital grew by 5,100, while computer designer jobs were up 7,500.
© Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Seven firms or nonprofits win Agora Awards 
soccermomsusie on November 05 at 8:16 a.m.
See what happens when you throw all those Demoncrats out!! The new congress has already been a success before they are even in office!! The economy has been taking an upturn for the past few months just on the prospect of getting rid of Obamatron2000’s stimulus package, Wall Street Regulations and Healthcare Reform.
The improving economy, the continuation of the surge in employment, the deescalation of health insurance costs, the uptick in the stock market are all signs that Obama’s work has failed. That’s the way us Tea Partiers see it and apparently, after Tuesday’s election results, that’s how the rest of the nation sees it too. See how smart we are?
DARN LIBERAL MEDIA!!!!
HEAR OUR VOICE!!!!!
maria on November 05 at 8:24 a.m.
I blame Obama ;}
drywitt99 on November 05 at 8:25 a.m.
susie……apparently the meds aren’t working.
But the Obama recovery is.
He bit the bullet…..took the short term hit……but saved the US economy!!!!
I can see the light at the end of the tunnel…….and that light will be the SECOND Obama administration!!!
maria on November 05 at 8:26 a.m.
Palin/W: 2012!
drywitt99 on November 05 at 8:28 a.m.
Palin couldn’t get Miller elected in her home state.
She’s toast.
maria on November 05 at 8:32 a.m.
Okay then…. Sarah/Trig 2012
soccermomsusie on November 05 at 8:35 a.m.
Maria, I hate to see the best president ever take a back seat to anyone, but your proposal for a Palin/W ticket in 2012 gave my heart a start, and now I feel my eyes brimming.
I will have to pray on this, but I think you are on to something! Oh the intellectual conversations those two would have! It would make the White House like a superhero hideout!
I knew something would lift my spirits after Dino was second to win.
HEAR OUR VOICE!!!!
Ed Byrnes on November 05 at 9:36 a.m.
I will add my voice to those saying to remember whose watch this modest gain occurred under :-)
SpokaneLiberal on November 05 at 10:04 a.m.
People will claim it was the Republicans, just like they blame Obama for the bailouts that happened under Bush. Bush pushed the deficit past 1 trillion - Obama held it steady but Obama gets called the spender. People will forget and it will get warped into whatever someone needs it to be.
RK on November 05 at 10:10 a.m.
Thank goodness the voters removed America’s credit card from Pelosi’s hand. GW was lame duck his last two years in office and at the mercy of a liberal majority, unfortunately BO will merely be fettered as opposed to hog tied but I am looking forward to the reversal of the healthcare debacle. Go Boehner!!!!
misjustice on November 05 at 10:20 a.m.
@ Spokane Liberal; we live in the United States of Amnesia.
soccermomsusie on November 05 at 10:30 a.m.
RK - GWB (God’s Wonderful Boy) was smart enough to make sure he kept the Iraq and Afghanistan Freedom Wars off the books! Then goody-goody two shoes Barry O’Kenyan OBamatron 2000 said, “OOOOoooh, I am an honest guy. I will have to include these wars on our debt.” What a sucker! You just took W’s debt and made it your own!!! And that’s why we Republican Conservatives will always win! And then you RK state that it was Pelosi’s doing - NICE WORK!!!!
I am looking forward to John Boehner and his crying from the podium. I trust a man who is not afraid to have a few drinks and then tells us what he feels in a public setting. In fact, it is a turn on! My only critique is that he needs to work on the slurring a little bit. Also, his tears permanently stain things orange. I ruined my computer screen by rubbing them on it to ensure a Rossi victory. Don’t do this. In fact, don’t even buy the Miracle Tears of John Boehner. They don’t work.
HEAR OUR VOICE!!!!
james_l on November 05 at 10:38 a.m.
I don’t know why some people seem to have a problem with John Boner’s skin color.
He is just a really big sports fan: http://orangeclub.syr.edu/
ebnandljb on November 05 at 10:53 a.m.
Soccermom, that might be one of the most ridiculous statements I’ve heard this morning. You might want to keep your illogical associations to yourself.
On a side note, it’s great to see more jobs in the private sector. The US economy will slowly creep out of this recession. It will just take some time.
Dazzeetrader11 on November 05 at 11:00 a.m.
Today’s unemployment numbers: STILL 9.6%. New apps for unemployment = 456,000 with that number increased by 21000 for the month. Nice going Obama!
Yes Obama’s crew sure is curing the problem. I guess that $2 billion he’s spending with his 3000 person entourage going to India for 10 days (without a reason by the way…no goals) is meant to cure unemployment.
The “peacock presidency” is over. Nice hallucination guys. See what happpens when the libs are still around? It’s a November to remember. Soon…it’ll be Obama’s turn.
Love all of you:) America’s got this guy figured out.
D
misjustice on November 05 at 11:11 a.m.
AWWW, Daisy is ticked that President Barack Hussein Obama is going to India. But she’s obviously okay with Trans National Corporations sending our jobs to India. Go figure!
; )
soccermomsusie on November 05 at 11:19 a.m.
Daisy, it doesn’t help us conservative Republicans if you say things that are blatantly untrue.
http://www.oliverwillis.com/2010/11/04/obama-india-trip-cost-just-made-up-by-conservatives/
The truth is that this India Trip is costing two billion dollars a minute. I have also heard that on this trip, Air Force One is using aborted fetus oil as jet fuel! When will the Obaminations stop!?!!?!
HEAR OUR VOICE!!!!!
MrNatural on November 05 at 11:47 a.m.
…LOL!!!!…susie…I have coffee all over me now darn you…
I hear that kind of fuel has a low carbon footprint and gets great gas milage…
Dazzeetrader11 on November 05 at 12:16 p.m.
J: doesn’t much to do with Obama spending $2 billion on his tour..with his entourage.
Has Obama done anything to get those jobs back to the US? NO!
He’s so over. No compromise from this lil peacock. It’s a raging war he’ll see…and he’s continuing to wage!.
The mandate on Tueday was and remains..to cut spending.
Wait till 60 mins on Sunday. You’ll see that Obama’s version is that he’s done everything perfectly..it’s the American people who are too stupid to understand how great he is.
He’s failed and he’ll continue to fail right through to 2012.
One and done! He’s finished.
Scoutster on November 05 at 12:24 p.m.
Faux News got it wrong…in their zeal to indict the president, they accuse him of spending $200 million a day.
It’s a lie.
But it get repeated by all the ill-informed Faux viewers.
Ever wonder what else you got wrong?
Scoutster on November 05 at 12:26 p.m.
Daisy says;;
The mandate on Tueday was and remains..to cut spending.
Then why didn’t the voters elect people who have PROVEN themselves to be competent at balancing a budget, instead of the borrow and spend GOP?
See Faux News lies above for the answer.
Dazzeetrader11 on November 05 at 12:26 p.m.
Just the beginning of MSNBC’s dismantling… long overdue.
http://politicalticker.blogs.cnn.com/2010/11/05/olbermann-donated-to-three-dems-in-apparent-violation-of-nbc-policy/
Well let’s hear the number then Scoutster. If you know it’s a “lie”…you must know the real data. SO speak up…let’s hear the “truth” or your version of it.
Dazzeetrader11 on November 05 at 12:30 p.m.
This just in: It’s over. This from a liberal Democrat. Mort’s a good guy. Revered for his views.
http://politicalticker.blogs.cnn.com/2010/11/05/olbermann-donated-to-three-dems-in-apparent-violation-of-nbc-policy/
DeCaYeD on November 05 at 12:37 p.m.
The majority are all seasonal holiday jobs that will be gone by January.
Dazzeetrader11 on November 05 at 12:55 p.m.
Scout…Obama promises more debt…it’s all he’s ever done. Dems do that.
Pubs promised to cut the budget and taxes. They mean it. Nobody ever though Bush would be so mental with money.
It won’t happen again. Think for a second…who would YOU pick? the big debt high unemployment people who passed Obamacare against the will of the people?ooor the guys who promise to save more and pay down debt?
SpokaneLiberal on November 05 at 1:07 p.m.
Daisy the Republicans also promise more debt. They want to add 600Billion to the deficit to extend tax cuts for people making $250,000 or more a year. Is it really worth it to give tax cuts to people making a bunch of money by borrowing the money from the cut from China on the backs of the future?
Dazzeetrader11 on November 05 at 1:10 p.m.
no chance!
SpokaneLiberal on November 05 at 1:29 p.m.
Cantor promised the tax cut for the rich would happen 600 billion pricetag and all - Obama promised to veto… We will see how it plays out.
Dazzeetrader11 on November 05 at 1:48 p.m.
If the Pubs don’t do anything or worse…do bad things..they’ll be gone…as it should be. What worries Daisy is that there might be nobody who can get a handle on the debt. Cutting the budgets will help. If any of you have seen the salaries of the union members with their pensions..you’d soon see why the government is in debt. It’s not just Stimulous, it’s not just unions, it’s not just Freddie and Fannie, it’s not just the wars..it’s everything!
Cut everything and abolish the unions like Daniels did in Indiana and things will be fine. Everyone will have to give up something. One thing NOT to do is tamper with the taxes right now.
james_l on November 05 at 2:14 p.m.
Mitch Daniels was able to unilaterally rescind collective bargaining for state workers in Indiana via executive order because it was an executive order that granted it to them in the first place.
In the majority of other jurisdictions (including a majority of areas of the federal government), the right to collective bargaining is the law and no one can simply make the law go away.
Scoutster on November 05 at 2:26 p.m.
Daisy…
It wasn’t W that passed Medicare Part D (holding the Congress hostage in the longest roll call in history until they twisted enuf arms…with zero revenue).
The R Congress approved two unfunded wars.
The R Congress approved tax cuts with no cut in expenses (that’s how it works, sweetie pie..if you cut income, you have to cut expenses).
YOu state: If the Pubs don’t do anything or worse…do bad things..they’ll be gone…as it should be.
Well, they did and they were gone, and now they’re back thanks to all the Kool-aid drinkers.
misjustice on November 05 at 2:44 p.m.
Re: Collective Bargaining, unless it’s a “Right-to-Work” state.
Blondscence on November 05 at 4:02 p.m.
Davis- Bacon should be booted forever. Unions too! Doesn’t fit anymore. Just the residue that cripples us. I do wish we had a ROnald Raaaaaaaaaayyyyyyyyyygun around. Ask the air traffic controlers….he got the job done.
I hate what’s happening. Fear is rampant since the big O took over. He’s done some things unthinkable.
He needs to go so we can fix this mess.
We can do that…it’ll take some time to reverse his disasters.
He’s rookie and ill prepared to finish the work he started.
Se guys, he focused so much on his healthcare mess…he ignored the economy. The advice he implemented got the US about 1/3 of the way to his socialism experiment. He’s doing what we didn’t expect but should have.
SO he’s a kinda half in anf half out of his experiment. His changes aren’t welcome as shown last Tuesday.
He’ll be mostly stopped now but this new $600 billion and devaluation of the dollar sets the stage for inflation and very hihg oil price. He should pay China off with cheap dollars.\
I would. Bush was working on that.
Obama and friends were ill prepared for this presidency. They wanted social change without ever wondering how much it would cost. Well…he’s crippling the economy. I’m sure he gets that part. He wants that so US turns to socialism. Very unskilled myopic guy.
It won’t turn. Nobody but 20% of the population would even think of it. He’s done…and for many good reasons. Among the biggest (as you might expect) is the economy. US won’t tolerate it….ala last Tuesday. Right or wrong…it’s just the way it is.
Scoutster on November 05 at 8:01 p.m.
blondscence…
I appreciate your sincere effort to understand these issues, but I respectfully disagree on your analysis on several;
1) You are absolutely right: fear is rampant. Which media outlets feed this wolf, and which ones don’t?
2) I don’t know what 1/3 of his socialism experiment means, but healthcare was always top on the list after the economy. I do believe they misjudged how bad things were going to go, but that was a tactical error, not a strategic one. In retrospect, they actually didn’t go far enough. If it had been a 3 Trillion stimulus, and unemployment was 5%, which is very well might have been, we would have been signing his praises tonight. They undershot, and now the window has closed.
3) The “new $600 billion and devaluation of the currency” is being engineered mostly by the Federal Reserve, not the White House. The Fed operates independently and they are recognizing how bad things are, and are, frankly, pulling about the last tool they have from their tool chest.
4) The economic mess was waiting for Obama, he didn’t create it. Most of the things he and his administration, even according to most right leaning serious economists, are recognized as being significant stops to what would have been a much greater economic disaster. Look it up in serious economic journals.
Lots of people don’t like him for their own reasons. But he did most things from a rational and scientific base of reason, not emotion. I appreciate that.
Dazzeetrader11 on November 05 at 9:07 p.m.
Hey Scout..TARP was Bush…Obama could have stopped it. Everything else was obamas’ HealthcaRE WAS HIS FOCUS….HE NEGLECTED…everything else. Crown jewel it was.
And The Ded is not doing this by themselves. Obama’s ordered it. Don’t be so blind….or disingenuous..whichever it is.
I think Blond means he’s 1/3rd of the way through with his socialism program. He’s stopped dead in his tracks now. Half in half out..exposed. Only the debt will remain. Socialism is over now….unless he’s re elected.
And Obama took a difficult situation and simply hasn’t correct anything. He’s made it worse…and it’s his design. Oh he’s not done. He’s just retreated to India….hope he comes back enlightened. DOubt it though.
Idealogues never learn…nor to they pay attention. They’re so fixed on their ideas, they are consumed…while Rome burns.
And I’m thinking you’re hallucinating if you think $3 trillion would have made anything better. How’d he spend the first trillion? Nothing to show for it…cept union strength. Not much else. Shovel ready project? No such thing…just lies and jargon. Nothing of substance. And his $600 Billion devalued the dollar by 20%. nice going..oils now raised to $87 per barrel..Nice goin Obama! lol..he doesn’t have q clue. Never has and never will. He’s done…hope they can limit his damage..he’ll do as much damage as he can till he’s demoted..or deported.
Scoutster on November 05 at 10:52 p.m.
Daisy…
Ideologues?
Who believes Republican jargon despite 10 years of history, Charlie Brown?
You are blinded by your prejudices.
Look at the facts, which you never address. YOu are so funny, Daisy, but at least I don’t take you seriously anymore.
Scoutster on November 05 at 10:59 p.m.
Daisy…
I bet you think RR cut the size of government, too, don’t you?
misjustice on November 06 at 8:46 a.m.
“Idealogues never learn…nor to they pay attention. They’re so fixed on their ideas, they are consumed…while Rome burns.”
Sounds like the 8 years of the Bush administration. 2 unfunded wars - one started with manipulated Intel - the other started by fear, torture, black hole prisons, extraordinary rendition, great depression, housing market in the tank, jobs gone, $4 / gallon gas, CIA operatives outed, Civil Rights oppression, spying on citizens,tax cuts for the rich funded by MORE borrowed money from eff’in Communist China, W’s “you’re either with us, or agin’ us” mentality….
I could go on and on, but you get the drift…Rome burned while Nero Necon boy, W, fiddled.