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Economy Adds 171,000 Jobs in October; Consumer Confidence and Construction Spending Rise


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Earlier today, the October jobs report showed the U.S. economy added 171,000 jobs in October, with the unemployment rate increasing slightly to 7.9%. Additionally, the two previous job reports were revised upward with the August increasing to 192,000 (from 142,000) and the September increasing to 148,000 (from 114,000). This morning's report also revealed that 578,000 Americans entered the workforce to look for jobs, a sign that many are feeling upbeat about their chances of finding work.

Furthermore, consumer confidence rose to its highest level since February 2008 and construction spending increased to levels not seen since 2009. Commenting on the recent economic news, Rep. Schiff said, "While many economic indicators are showing that our economy is the best it has been in almost four years, there are still too many people out of work. With consumer confidence rising, construction spending increasing and the unemployment rate dropping a full percentage point over the past year, the recovery is heading in the right direction but it's crucial that Congress takes up key legislation so our economy can continue to improve."

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