The economy returned 638,000 jobs in October and the unemployment rate came in at 6.9% according to the U.S. Labor Department report. The job numbers were down from the September numbers of 672,000 jobs and was the fourth straight month of lower job numbers. The unemployment rate was one percent lower than the 7.9% rate in September.
The department also reported that the nation still has 10.1 million fewer jobs than it did before the recession and pandemic and at the current pace of hiring, it would take until February 2022 to regain those jobs lost. Despite those projections, Trump and his party still have no stimulus plan or economic plan to put the country back to work and address the problems.
That is not a pretty economic picture especially with record COVID 19 cases surging at the present time and Trump and his party's rejection of the stimulus passed by the U.S. House of Representatives. And now with the election over we shall see just what Trump and his party are willing to accomplish before he leaves office in January 20, 2021, just two and half months away.
This commentary written by Joe Lorio
Note: The republican controlled Senate failed to pass their own stimulus plan.
