Monthly jobs report sheds positivity on economy, pending recession

CARBONDALE, Ill. (KBSI) – The month of October witnessed an increase in employment in nonfarm payroll jobs and an unemployment rate that surged to 3.7 percent, according to a monthly report by the Bureau of Labor Statistics.

The unemployment rate remains [a] small uptick higher, say a 3.6 to 3.62% or so, at least. Nationally, is not a big bump so it’s not like we’re talking about a very substantial additional job loss as a proportion of the totals,” said Southern Illinois University economics professor, Dr. Scott Gilbert.

For October, there was an increase of 261,000 jobs. With technical and professional services adding 43,000 jobs and the healthcare industry tallying another 53,000.

Complement that with lower inflation numbers, and the economy may in fact be headed in the right direction. A far cry from months’ previous.

Workers in some kind of key critical fields, skilled labor, it might be in services or banking or transportation where they’re short on people maybe with additional tech skills, for example, so there is really [a] big demand for that lot, [which] may go along but those jobs open up and players seek them 

With jobs increasing and the unemployment rate decreasing, still looming is the nationwide threat of another recession.

Concluded Gilbert: “Keeping your financial household in order, spending on the things that you need and want but within budget, reviewing your savings. Update your link for those that are considering needing to apply for a new job; there are tools today, investing in social and professional social media like LinkedIn that connects you to the rest of the world professionally. 

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