The Free Press, Mankato, MN

State, national news

November 8, 2013

US added unexpectedly strong 204,000 jobs in Oct.

Bump in unemployment rate related to shutdown

(Continued)

"The one month of job growth is not enough to allow them to pull the trigger," says Patrick O'Keefe, director of economic research at CohnReznick. "It leaves them on hold at least for the next meeting."

Others said the job growth might prod the Fed to start slowing its stimulus by year's end.

"In our opinion, the data would justify the Fed reducing the pace of its asset purchases in December," Paul Ashworth, chief U.S. economist at Capital Economics, wrote in a research note.

The government's report showed that employers added an average of 202,000 jobs from August through October — up sharply from an average of 146,000 from May through July. And they added 45,000 more jobs in August and 15,000 more in September than the government had previously estimated.

Private businesses added 212,000 jobs last month. That was the most since February. By contrast, federal government jobs fell by 12,000.

"While we have to take today's report with a grain of salt, we are impressed by the strength of the report," said Dan Greenhaus, chief global strategist at BTIG, a brokerage firm. "Given the impact of the shutdown, we have to wait until November's report to get a fuller picture of what's happening this fall but we're happy enough in the meantime."

Some consumers may spend more as the effect of tax increases that took effect at the start of the year diminishes. In addition, banks are returning to health and may soon lend more freely. Even Europe is slowly recovering, and growth in Japan has picked up, which could boost U.S. exports.

Some companies expect a healthy holiday shopping season and are staffing up accordingly. UPS is filling 55,000 temporary jobs for the holidays. UPS says it expects to pick up 34 million packages on Dec. 16, which it thinks will be the season's highest-volume day.

Text Only | Photo Reprints
State, national news
  • Ukraine reports overnight rebel attacks on border MOSCOW (AP) — The Ukrainian army on Friday claimed that soldiers came under artillery fire from the Russian side of the border overnight and were attacked by rebels in several other places in the restive east. Ukrainian forces are trying to close in

    July 25, 2014

  • Deal still elusive for Gaza cease-fire CAIRO (AP) — Turbulent negotiations to broker a temporary truce in the Gaza Strip are continuing against the backdrop of fresh Israeli attacks on Palestinian militants. U.S. Secretary of State John Kerry met twice Friday in Cairo with U.N. chief Ban

    July 25, 2014

  • Transcript shows concerns during Arizona execution FLORENCE, Ariz. (AP) — U.S. District Judge Neil V. Wake was attending a ceremony for a judicial colleague when he received an urgent — and unusual — request: Lawyers for a condemned inmate wanted him to stop an execution that didn't seem to be workin

    July 25, 2014

  • Sniper-Author-Ventura [Duplicate] Day 3 of deliberations ends in Ventura lawsuit Jury has deliberated 19 hours

    July 24, 2014 1 Photo

  • Man accused of stealing from group HASTINGS (AP) — An Apple Valley man is charged with five counts of theft for allegedly stealing more than $113,000 from a Rosemount youth athletics group. Sixty-two-year-old Robert Steven Reischauer was the former finance manager of the Rosemount Ar

    July 24, 2014

  • Sanders offers lower-cost bill to reform VA Bill would allow vets to go to private doctors

    July 24, 2014

  • Wetland Loss [Duplicate] Report says Prairie Pothole region losing wetlands BISMARCK, N.D. (AP) — Federal officials and conservationists say a recent report detailing wetland losses in the five-state Prairie Pothole Region over the past decade highlights the need for increased protection for the region that provides breeding

    July 24, 2014 2 Photos

  • France: Air Algerie flight vanishes over N Mali ALGIERS, Algeria (AP) — An Air Algerie flight carrying 116 people from Burkina Faso to Algeria's capital disappeared from radar early Thursday over northern Mali, the plane's owner and a French government official said. Air navigation services lost

    July 24, 2014

  • Migrant children face test in Dallas immigration court DALLAS — In a packed Dallas immigration courtroom, Elsy Garcia sits next to her 16-year-old brother, Jose. She last saw him when he was 9, when she fled their home in Usulutan in southern El Salvador. Now Jose is facing deportation. His case is conf

    July 24, 2014

  • Poet takes his act to Las Vegas LAS VEGAS — The old poet is dressed in black, his platinum-blond hair rakishly moussed. He stands amid the hubbub, facing a stern test of his crafted words and carnival-barker delivery. The venue is a smoky lounge called Ichabod’s, east of the Strip.

    July 23, 2014