The Jobs Report Is Better but Not Great
There was much trepidation going into this jobs report. Investors should be pleasantly surprised that 146,000 new jobs were created and that the unemployment rate ticked down to 7.7% from 7.9%. Going into the report, estimates for payroll gains from Bloomberg were just 85,000, with the jobless rate holding steady at 7.9%. This comes after the ADP report that said that Hurricane Sandy cut the number of new jobs by 86,000, to 118,000 new jobs.
However, job gains in prior months were revised down. The change in total nonfarm payroll employment for September was revised to +132,000 from +148,000, and the change for October was revised to +138,000 from +171,000....774 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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