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Report: Jobs market ignores government shutdown
Posted By -NO AUTHOR- On 11/08/2013 @ 11:05 am In Front Page,Money,Politics | No Comments
(CNBC) – Forget the shutdown: Job creation surged in October despite dimmed expectations from the impasse in Washington.
There were a net 204,000 new jobs created for the month, though the unemployment rate rose to 7.3 percent and households reported a huge drop in employment, the Bureau of Labor Statistics said. A separate measure that includes the underemployed and those who have quit looking also moved higher, from 13.6 percent to 13.8 percent.
The numbers easily topped economist expectations of 120,000 new nonfarm payroll jobs for the month, though it matched estimates for a slight increase in the headline jobless rate.
“I find this bizarre,” Moody’s economist Mark Zandi told CNBC. “I wouldn’t be surprised if this gets revised to some degree…down.”
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