Jobs Report Offers Glimmer of Hope

Friday, November 5, 2010 - 3:16pm

Employers added more than 150,000 jobs last month.

There's a bit of good news on the jobs front.

151,000 Americans found jobs in October, more than expected, but not enough to change the percentage of those out of work.

The Labor Department reports the unemployment rate is the same, 9.6 percent.

Still, we lost fewer jobs than we thought since August and more than twice as many as expected were created last month.

"We've now seen private sector job growth for ten straight months. That means since January the private sector has added one-point-one million jobs," President Obama pointed out after the numbers were released, adding "And I won't be satisfied until everybody who is looking for a job can find one."

The Federal Reserve's hoping $600 billion in new cash will loosen things up so employers start hiring.

The president is on his way to Asia, hoping to secure new trade deals that'll put Americans to work.

"I'm looking very much forward to helping to pry some markets open, help American businesses and put people back to work here at home during the course of this trip," he said before departing.

Critics say the problem in asia isn't just markets, it's China's currency, which many believe is unfairly tied to the U.S. dollar.

"Until he's willing to stand up to China, America can't go forward and he's shown no inclination to do so," says economist Peter Morici.

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