October Jobs Report Exceeds Expectations

In previous months the ADP jobs report has estimated a greater number of jobs added to the economy than the official Labor Department data, but for the month of October the official report has far surpassed expectations and estimates.

Hiring increased by 171,000 workers after a 148,000 gain in September that was bigger than first estimated, Labor Department figures showed today in Washington. October’s increase exceeded the most optimistic forecast in a Bloomberg survey with a median projection of a 125,000 gain. Unemployment rose to 7.9 percent. [...]

Private payrolls, which exclude government agencies, climbed by 184,000 last month, the most since February. They were forecast to advance by 123,000.

The October jobs reports is good, but previous months were also revised upward significantly over prior estimates.

Revisions added a total of 84,000 jobs to the employment count in the previous two months and brought average gains since June to 173,000.

Government payrolls decreased by 13,000. Retailers took on 36,400 employees, the most since April 2011. Temporary hiring rose by 13,600.

If the trend of the past two months continues, the October report may also be revised upward when the November report is released.

Meanwhile, over in fantasyland, Mitt Romney says we're at risk of another recession.

Pointing to “20 trillion in debt, crippling unemployment, stagnant take-home pay, depressed home values, and a devastated military,” Romney concluded, “Unless we change course, we may be looking at another recession.”

The national debt is at a six year low, the deficit is down, hiring is up, consumer confidence is up, auto sales are at five year highs, stocks are soaring, and corporate profits are up.

But, you know, recession!