STATEMENT: Boushey: Today’s jobs numbers indicate a “holding pattern”

Washington, DC – Today, Heather Boushey, Senior Economist at the Center for American Progress, had the following reaction to the announcement of October unemployment figures:

October marks the 10th straight month of private sector job gains, with the private sector adding 159,000 jobs this month. This is the strongest jobs gains since April. However, the unemployment rate remains stuck at 9.6 percent and another 254,000 workers dropped out of the labor force in October, an indication of the challenges that the unemployed continue to have finding work in this job market.

The Federal Reserve’s quantitative easing should help to keep interest rates low and boost exports, but the nearly 15 million unemployed—with four-in-ten of those out of work and searching for a job for at least six months—continue to need access to long-term unemployment benefits. Congress should act quickly this month to maintain benefits for the unemployed before they expire on November 30. And it should commit to this policy until the unemployment rate comes back down.

To speak to Boushey about the monthly jobs report, contact Megan Smith at 202-741-6346 or msmith@americanprogress.org.

###