Unemployment Rate Drops, Is the Economy Bouncing Back?

by Britni Danielle

New numbers released today showed the unemployment rate dropped to 9% for the month of October, down from a stubborn 9.1%. According to the Labor Department, the economy also added 80,000 jobs, down from September’s 158,000 total.

Despite the drop, the numbers signal an interesting trend. While the private sector added 104,000 jobs, the government shed 24,000 jobs, which is in keeping with the Republican strategy to “shrink” government. President Obama’s job bill may have saved many of the lost governmental jobs, but the GOP has been opposed to adopting any of the President’s job-saving measures.

According to CBS news, the numbers released by the Labor Department also show more promising signs.

CBS reports: “The government revised August and September’s figures upward by 102,000. Average hourly earnings rose. And the unemployment rate fell for the first time since July, because a separate survey of households showed more people found work.”

Although the numbers are positive, President Obama says the economy is growing “way too slow.”

The Federal Reserve predicts that the unemployment rate will stay the same for the remainder of the year, but may dip to 8.6 percent by the end of next year.

The President’s reelection numbers may hinge on whether or not the economy starts to grow at a faster pace. Although President Obama’s approval ratings are up, political experts say that the economy–not Republican challengers–will be the biggest hurdle for Mr. Obama.

 Do you think the economy is growing? 

  • Dasia

    Where? I must be looking in the wrong place because I’m not getting nothing.

  • African Mami

    Economic growth is dependent on so many factors. I need to look at the country’s GDP , GPC, productivity levels….a short upward bust in employment numbers is not effective in gauging e-growth!

    But nonetheless, good news!

  • http://commentarybyvalentina.wordpress.com/ Val

    That’s the general unemployment rate but the unemployment rate for many African American communities is twice the 9% figure. Has that come down too?

  • Brodie

    Unemployment percentages are based on people actively seeking employment, anyone over 16 years old. I don’t trust that number and sometimes I think they’re just trying to encourage spending and/or pacify the protesters. We’ll see.

  • gmarie

    I hate to be a downer but Im willing to bet these numbers are reflective of the upcoming holiday season and temp/seasonal hires. but hey progress is progress.

  • LemonNLime

    How much of it is temp work for the holidays? How much of it is entry level part-time work at the local fast food place that doesn’t offer health insurance or retirement and pays minimum wage?

  • kaya

    I was thinking the exact thing! Come to me with the same if not better report when the holiday season is over and the temp jobs as ended.

  • blkmamba

    The answer is “NO” its just that the number of unemployed people receiving unemployment is down, they don’t count those not still receiving benefits.

  • mykelcarli

    what?

    this is like seeing a brain dead person randomly twitch and asking if they will soon wake up.

  • MarloweOverShakespeare

    Where did that picture COME from?

  • Pingback: Why Is Unemployment Increasing For Black Women?

  • Pingback: Why Is Unemployment Increasing For Black Women? | Clutch Magazine

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