The recent US jobs growth report for October was quite discouraging. In October, nonfarm payroll employment increased by 638,000 compared to the 672,000 job growth in September and 1.493 million in August. 

The unemployment rate in October slipped down to 6.9% from September's 7.9%. While the recent unemployment rate is far below the recent 13% peak, the October unemployment rate is still approximately double the level that existed in the pre-pandemic era. 

The broader U6 unemployment rate, which accounts for both unemployed and underemployed workers, was 12.1% in October versus 12.8% in September. Long-term unemployment, which is usually defied as persons unemployed for six months or longer, accounted for nearly a third of those who are unemployed.

Even though the big picture for the economy and its jobs market is still disappointing, many Republicans in the Senate still feel that they are justified in not approving a credible fiscal stimulus to support the economy and its jobs market. In fact, just before the October election, the Republicans turned down the Democrat fiscal package offer of $2 trillion. Let's hope for some fiscal sanity in the new year, if not earlier.

Employment And Unemployment Data (click to enlarge)