The Labor Department announced that the economy added 150,000 jobs in October and that the unemployment rate came in at 3.9%, up from 3.8% in September. It was the 33rd straight month of positive job growth and the unemployment rate has stayed in the 3% range for 21 consecutive months, the longest stretch in the past 70 years.
The negative doom and gloom voices said the lower job numbers indicate a decline in the jobs market while some reported the reason was the ongoing actions of the Feds to cool off the economy. Both are wrong because one month is not a trend in either direction. Over 13 million jobs have been added to the economy in just the last 33 months, a record for such a short time period for any President.
In another good report earlier, the Commerce Department reported that the economy expanded at a 4.9% annual GDP rate in the 3rd quarter, a much larger expansion than was predicted or anticipated. Also reported for the 3rd quarter, American business productivity grew while cost were down, a good prime for a farther reduction in inflation. For the first 3 quarters of the year, the GDP grew at an annual rate of 3%.
All in all, the American economy is still doing well, creating jobs, consumers are still spending, unemployment still at historical low numbers and business are predicting retail sales to increase 3-5% this holiday season. The SANE party is still in the White House and the negative voices of doom and gloom have been wrong about the economy for 33 months. And that really says it all.
This commentary written by Joe Lorio
