For those of you who are old enough to remember record players or reel to reel tape players you know that these devices get stuck and play the same song(or recording) over and over and over. Well, unemployment is stuck at 9.6% percent for the third month in a row. There is good news for President Obama and the Democrats in Congress the private sector hired 159,000 jobs created. The bad news: 1. These are service industry jobs and 2. These are temporary-2010 holiday season. The unemployment rate will creep back in January and February. From AP via Yahoo News:
The jobs crisis eased a bit in October as companies stepped up hiring, suggesting further gains ahead.
Still, hiring remains far too weak to drive down unemployment, now stuck at 9.6 percent. And the newly elected Congress will come under pressure to take action to accelerate job growth.
The burst of hiring — 159,000 net jobs added by private employers — nevertheless raised hopes that companies are finally emerging from the hiring stall seen during much of the summer.
Read it All.