It's not just the 46,000 job increase in October. It's also the revision of September's 8,500 job gain to 32,000. And the tenth-of-a-point drop in the unemployment rate to 10.1 percent wasn't caused by distressed workers leaving the workforce. All that - combined with strong showings from the construction and retail industries - has Chapman University Economist Esmael Adibi calling this a broad-based recovery.
Adibi: "The report is good, the
direction is good, the momentum is good. But there are lots
of head winds ahead."
…especially the tax increases and spending cuts likely to come from any fiscal cliff deal in Washington.
Adibi: "And all of those make me
worried that maybe, this is not gonna be sustainable at this
rate."
Still, this jobs report is a surprisingly good one - and could bode well for the holiday shopping season.
