Unemployment Falls to 9%
October saw 80K new jobs added
By Evann Gastaldo, Newser Staff
Posted Nov 4, 2011 7:55 AM CDT
Job seekers attend the Minneapolis Career Fair held Wednesday, Nov. 2, 2011, in Bloomington, Minn.   (AP Photo/Jim Mone)

(Newser) – The bad news: Just 80,000 new jobs were created in October, when around 100,000 were expected. That’s the fewest in four months, the AP reports. The good news: The unemployment rate fell to 9%, its first decline since July; it had been expected to hold steady at 9.1%. In further good news, September payrolls were revised up to 158,000 from 103,000; August was revised upward, too; average hourly earnings rose; and the number of people unemployed for more than 27 weeks—considered the long-term unemployed—dropped 366,000 to 5.9 million.

The Wall Street Journal reports that futures are all over the place, and notes that it's going to be hard to get an accurate read on how investors are responding to the news, as the European situation clouds the picture.

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Nov 4, 2011 6:22 PM CDT
"I think this is a GWB's fault"................................(as Bill Cosby would say)......RIGHT!
Nov 4, 2011 6:18 PM CDT
U6 is the more realistic number, but even it is skewed by the Feds. http://portalseven.com/employment/unemployment_rate_u6.jsp This is only a blip on the screen, wait till February 2012, that will be awesome.
Nov 4, 2011 1:24 PM CDT
Lies Lies Lies. 9% based on the fact that most people who collect, eventually stop collecting, and then there no longer counted among the unemployed. That does not even count all the people that worked under the table that are such a big part of this economy. So i would love to see the real percentage. 22% maybe, and then lets talk about all the jobs that went from 50k to 23k, and all the full time positions that are now part time. Then lets get into the rising cost of living and the devaluation of the dollar. Obama, you are a massive disappointment and a liar.