Job reports show slow growth

Friday, November 4, 2011 - 1:15pm

The new October jobs report is out.

The Labor Department reports there was some growth, but not enough to make a real dent in the nation's unemployment rate.

The unemployment rate dropped to nine percent in October following the addition of 80,000 new jobs.

There were also big revisions from September, with more than 50,000 more new jobs than first reported.

Overall it's still far short of what economists say is needed to support a strong recovery.

"We need to double numbers like that. We need some months with 200, 250,000 if were going to make a serious dent in the unemployment rate," says former White House economist Jared Bernstein.

At a Nissan job fair in Tennessee Thursday 5,000 people lined up for 1,600 jobs, roughly three applicants for every job available.

It's been the same story at jobs fairs across America.

Meanwhile, the Senate has blocked the latest part of President Obama's jobs plan, $60 billion to fix roads and railways that would have been paid for by a seven-tenths of a percent surcharge on millionaires.

We could see the next piece of jobs vote announced as early as today: Tax credits for hiring veterans.

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