Jobs Report: 'Things Are So Bad That This Looks Good'
Published: Friday, 4 Nov 2011 | 11:42 AM ET
By: Patti Domm
CNBC Executive News Editor
October's employment reports showed continued sluggish job growth, but positive revisions for earlier months takes away some of the sting and reaffirms the economy is growing.
The government reported 80,000 total jobs were added in October. There were 104,000 private sector positions added in professional and business services, leisure and hospitality, health care and mining, and 24,000 government jobs were lost.
The unemployment rate fell slightly to 9 percent from 9.1 percent in September.
"We have to remind ourselves that things are so bad that this looks good. In the context of what we're living through, it's not a bad report," said Dan Greenhaus, global market strategist at BTIG.