The Labor Department released the delayed October Jobs Report where it was revealed that employers added 204,000 workers, well above the 100,000 that was expected. The jobs were concentrated in the service area - retail, bars and restaurants with modest hiring across most sectors. The Unemployment Rates rose to 7.3% from 7.2% due to the counting of furloughed federal employees as out of work.
In consumer news, personal incomes rose by 0.5% in October, more than the 0.2%, but it didn't equal out to higher spending as personal spending was up 0.2%, down from 0.3% in September. Within the report it showed that the personal savings rate rose to 4.9% from 4.7% and was the highest rate of the year, though historically low.
The last economic report today was the preliminary reading on November Consumer Sentiment falling to a two-year low due to the fallout from the government shutdown. The Consumer Sentiment Index fell to 72.0 from 73.2 in October and well below the 75.3 expected. In addition the fiscal gridlock in Washington is also holding back consumers from opening their wallets.
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