The US economy added just about 80,000 jobs in the month of October
according to a Labor Department report, down from the 158,000 jobs
added in September. Though this pulled the unemployment rate down to
9% from 9.1%, it was the slowest pace of growth in the past four
months. This development does put away the fear of the chances of the
US economy slipping into a double dip recession, but the growth is not
sufficient to pull the US economy to a higher level of growth and is
not good enough to address the nearly 8.5 million jobs lost during the
recession. Of concern is also the fact that the growth is coming more
from the low paying sectors as against the high paying ones. This does
less to put money into the consumer's wallets and accelerate
consumption expenditure. As 70% of the US economy is based on
consumption expenditure, the structure of the jobs growth does less
for the US.
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