For the first time since May, the economy generated a net gain of 151,000 jobs, but the unemployment rate remains unchanged at 9.6%. The high unemployment numbers was a key factor in the repudiation of the president's economic polices and the Democratic party.
Employers added a net total of 151,000 jobs last month-more than double what analysts expected-the Labor Department said. That compares with a revised 41,000 jobs lost during September. Analysts had forecast a gain of 60,000 positions, making the report the most promising reading on the economy in a month.
The job gains were concentrated in relatively few sectors: retailers added 27,900 positions, likely in preparation for the holiday season. Temporary agencies added 34,900. Restaurants and bars hired 24,000 people.
The economy is going to have to create far more jobs just to keep up with population growth, and this will again fuel partisan battle over extending the Bush Tax cuts set to expire on Jan 1, 2011.
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