This morning at 8:30, the U.S. Department of Labor releases national employment data for October. The blogger Bill McBride previews the October report and notes that the consensus forecast is that 90,000 jobs were created in October. In this era of diminished expectations, 90,000 jobs will be greeted with relief, but it would fall well short of the level of job growth needed to bring down the unemployment rate.
- Bill McBride, Calculated Risk — Employment Situation Preview: Another Weak Report
The New York Times has an editorial this morning questioning the failure of the U.S. Senate to do more to boost employment growth via increased spending on roads and bridges.
- Editorial, New York Times — Putting Millionaires Before Jobs:
There’s nothing partisan about a road or a bridge or an airport; Democrats and Republicans have voted to spend billions on them for decades and long supported rebuilding plans in their own states. On Thursday, though, when President Obama’s plan to spend $60 billion on infrastructure repairs came up for a vote in the Senate, not a single Republican agreed to break the party’s filibuster.
That’s because the bill would pay for itself with a 0.7 percent surtax on people making more than $1 million. That would affect about 345,000 taxpayers...adding an average of $13,457 to their annual tax bills. Protecting that elite group — and hewing to their rigid anti-tax vows — was more important to Senate Republicans than the thousands of construction jobs the bill would have helped create, or the millions of people who would have used the rebuilt roads, bridges and airports.