June 5, 2023

October Jobs Numbers Higher than Expected

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The economy added 271,000 jobs in October, according to the the US Labor Department. Politico reports the October jobs increase announced Friday, was way up from September’s increase. The US economy added 137,000 jobs in September.

Unemployment in October 5 percent, according to the Labor Department, not much different from September’s 5.1 percent.

The growth outstripped analyst projections of fewer than 200,000, according to a Bloomberg survey Politico referenced . The article suggests the news will spur the Federal Reserve to raise interest rates. A possibility also referenced by House Democratic Whip Steny H. Hoyer (MD) in a statement calling the jobs report “welcome news.”

Congressman Hoyer said the addition of 268,000 made October the sixty-eighth consecutive month of private sector job growth.

“It’s time for Congress to take the next step by working in a bipartisan way to capitalize on recent gains and provide our economy with the boost it needs to be more competitive and grow over the long term.

“The best way to do that is by ending the uncertainty that continues to hold back private investment in new factories, new innovation, and new hiring.  Working together, Democrats and Republicans secured a major victory last week toward that end by voting to reauthorize the Export-Import Bank and help American businesses and their workers compete on a level playing field overseas.  Now it is up to the Senate to act and send this Export-Import Bank reauthorization to the President’s desk without delay.

“However, even more importantly, Congress needs to show the private sector that it will end the cycle of governing from one manufactured crisis to the next, which only creates uncertainty and deters growth.  With these latest job numbers, it may be more likely that the Federal Reserve will adjust monetary policies currently supporting the economy, which makes it even more important for Congress to provide fiscal certainty to reassure investors and potential investors that our economic future is sound.  The budget agreement reached late last month was a positive step, but it must be followed by a commitment by both parties to work together to prevent a government shutdown in December and to negotiate in earnest over a long-term budget agreement that is fiscally sustainable and enables our nation to invest in the ingredients for future growth and competitiveness.

“…  Our economy is poised to continue growing good jobs that lead to opportunities for workers and their families – but only if Congress can set partisanship aside and work together to make sure our private sector has the right tools to succeed.  House Democrats are ready to work with the new Speaker to invest in the economic resurgence for which our economy is poised.”

For more information about House Democratic Whip Steny H. Hoyer, visit his Leader Page.

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