October Jobs Report Released

By: CBS
By: CBS

U.S. employers went on an unexpected hiring spree last month adding more than 200,000 jobs. Maybe even more surprising, it happened during the 16-day government shutdown.

Even as the federal government shuttered its agencies and sent home workers, U.S. employers were busy creating jobs - a surprising 204,000, according to the Labor Department.

"Those of us that make a living anticipating these things were caught off guard," said NYSE trader Ben Willis.

The latest report also showed employers added 60,000 more jobs in the previous two months than earlier estimates suggested. Economists say it's proof the economy is growing.

But the 16-day partial government shutdown did have some impact. Some of the 450,000 furloughed federal workers were counted as unemployed. Adding to that, some government contractors and businesses near national parks and federal buildings had to cut back on staff.

That pushed October's unemployment number up to 7.3 percent from 7.2 in September.

Wall Street traders are not overly concerned.

"It was actually a very small portion of the government that was shut down. I think it's a blip," Willis said.

But others say the effects of the shutdown may linger, and they expect a fuller picture in the next jobs report.


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