By Casey Harper (The Center Square)
Newly released federal data show the economy created more jobs than expected but unemployment rose in October.
The U.S. Bureau of Labor Statistics released the data, which showed the economy added 261,000 jobs in October, higher than the Dow Jones estimate of 205,000 new jobs.
“Notable job gains occurred in health care, professional and technical services, and manufacturing,” BLS said.
The unemployment rate rose to 3.7%, up 0.2% and worse than expected. The number of Americans who want full-time work but are working part-time for economic reasons increased as well. The number of unemployed people is actually much higher, though, but is not included in BLS unemployment rate.
“The number of persons not in the labor force who currently want a job was little changed at 5.7 million in October and remains above its February 2020 level of 5.0 million,” BLS said. “These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job.” more
Trust me, Interest rate hikes will slow rapidly, and REVERSE in about a year.
No one is producing anything, fuck all in inventory, & Oil inventory is running out & slowing moving anything that is available.
I predict +.75, + .5, Then hold at current level for about 2 meetings.
Hell, I even invested a few bucks anticipating terate hikes slowing dramatically.
Bull hockey … these numbers are more fudged than Pedo-in-Chief’s undershorts