Transcript for Jobs Report Shows 204K Jobs Added in October
October jobs report what are we see. Well that's the big one big surprise here -- -- 4000 jobs added -- cover supposedly. I say supposedly because that's very experience this of course is when a government shutdown happened. The Labor Department which does this survey was disrupted in its in its ability to do the surveys it does. To get those numbers kind of did that surveys after the fact it's a very odd report. Economists were expecting closer to maybe -- 120000. New jobs so that's a very surprising number 204000. We will see if that holds up in the next step a couple of job reports but there are some big implications there. If the economy is doing well as as well as those numbers suggested it was more resilient to two in the face -- the shut down in October than most economists thought. That suggests the economy doesn't need that extraordinary help from the Fed quite -- from the Federal Reserve quite so much. So there's there's some talk now everybody thought the Fed would pull back on -- -- easy money policies starting sometime next year. There's some talk now that that could happen by the end of this year which is likely to have an impact on the stock market today. Yet and it seems like you whatever those kinds of indications are coming out I mean is that day -- -- Rea almost a minute by minute reaction on that. Rick don't talk a little bit about those numbers because the fact the matter was is that there was good percentage of the population that was -- during a government shut down part of that have an impact on those numbers. If this gets -- into the kind of an. The weeds and how they do this survey but since those furloughed government workers were not. Had not been laid off permanently they technically did not count as unemployed day. There's another designation for that much I think is like temporarily unemployed and that for the most part does not show up -- -- Unemployment numbers so the -- workers themselves should not have really had much of an effect on the numbers. That the big thing that everybody's been wondering about is how did the shut down effect the private sector be you know think of defense contractors at the private sector. Lots of companies that cater to the government is some way -- -- private companies. And these numbers suggest that there is very little impact. On those types of companies and then you know that almost doesn't pass the common sense test so I think a lot of economists are scratching their heads right now -- saying. You know we almost have to disregard this report. Wait for the revisions and wait to see what the numbers look like in November and December when things have sort of come back to normal and that because that last jobs report as well was delayed somewhat because of that because of the shut down. That was delayed but -- only only the release of it was delayed the surveys had already been done. You know if if this is what's really happening in the economy the last three months we've averaged about 200000. New jobs per month. We you'd you'd prefer 300000. But 200000 isn't bad and -- that is. That we're getting up and out to the levels where you where the recovery can actually accelerate. And we can get up to 220 to fifty or maybe higher. That's if these numbers are valid we we still need to see some -- -- evidence. Some corroboration if you that these numbers are really the true numbers.
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