Unemployment rate rises during October

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The Bureau of Labor Statistics released the October Jobs Report at 8:30 am Friday.

It indicates that the unemployment rate rose a tenth of a point to 7.9 percent.

Their report also estimates that 171,000 new jobs were created during the month of October. According to Fox News business journalist Stuart Varney, in order to keep pace with those entering the job market, that figure should range between 250,000 to 300,000 jobs, especially in what the administration terms a recovery period.

The real unemployment rate is 14.6 percent, which takes into account those who are underemployed.

Readers may recall that the phenomenal September Jobs report that reduced the unemployment rate to below 8 percent for the first time in years was received with disbelief in many quarters, especially coming so close to the Nov. 6 presidential election.

On Wednesday, those figures were adjusted. The original estimate of 162,000 jobs created was cut almost in half, to 88,200.

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