Nov. 2 - The uptick in latest unemployment rate to 7.9% shows people are going back to job hunting. Jeanne Yurman reports.
The daily digit today is 7.9 percent. That's the latest U.S. unemployment rate. It inched up by one tenth of one percent in October, according to government data out on Friday. Doesn't sound good but it actually is. Only people who are looking for a job count as unemployed. And analysts say the unemployment rate is ticking higher as more people restart their job hunts. So in this case the climbing jobless figure reflects growing confidence in the economy not just more people out of work. In addition to the 7.9 percent jobless rate, a separate monthly survey showed employers adding a far stronger than expected 171,000 jobs to the U.S. economy. Cary Leahey of Decision Economics: SOUNDBITE: CARY LEAHEY, SENIOR MANAGING DIRECTOR, DECISION ECONOMICS, (ENGLISH) SAYING: "I mean, five years ago you would be disappointed with monthly gains less than 200,000. But compared to three months ago when you were afraid that the employment growth was going to turn negative, it actually picked up by 100,00 workers and you had 170,00 plus or thereabouts. So it's okay and with the context of slow-growing economy and with the 2007, 2008 market crash, it's not bad at all. It's a strong report " The report overall is a hopeful sign for America's lackluster economy.