© Dukascopy
|
"We're making progress at a very slow pace"
- John Silvia, chief economist at Wells Fargo Securities LLC
Number of Americans, who have found a job in October decreased to 80 thousand from 103 thousand in September, while the unemployment slid 0.1% to 9.0%, the Bureau of Labor Statistics said on Friday. Economists expected the economy to add 97 thousand jobs and the unemployment rate to remain unchanged at 9.1%.
"We're making progress at a very slow pace," said John Silvia, chief economist at Wells Fargo Securities LLC in Charlotte, North Carolina, who expected an 85,000 increase in payrolls. "It indicates continued consumer spending, getting a little better over time. The labour market is consistent with moderate economic growth."
"There is not enough demand to support more than the modest job growth seen in September and October. And therefore, look for more of the same late this year and into the winter," Kathy Bostjancic, director of macroeconomic analysis at The Conference Board. "While it may be enough to barely escape recession, the gain in jobs and incomes is not enough to offset consumer pessimism."