While it may not sound like terrific news, it’s certainly better than nothing. The US economy showed a growth in October, adding 80,000 jobs. The unemployment rate also moved down ever-so-slightly from 9.1 to 9.0%.
This information does offer optimism since the economy did not stall as a response to the US credit rating downgrading or to the crisis occurring in the Eurozone.
Most economists, while pleased with the growth in October, don’t believe that it’s enough. Most agree that growth of at least 200,000 jobs a month would be necessary to reduce the unemployment numbers in a steady and consistent way.
Eric Green, chief economist at TD Securities in New York said, in response to this recent set of figures that, “The trend is moving in the right direction.”
In an interview with the Financial Times, Hilda Solis the US Secretary of Labour said, “We need to have more growth, absolutely … but we do see some little flickers where we do see some potential confidence coming back.”