The economy added 171,000 jobs last month and unemployment rate in October ticked up to 7.9 percent as more people entered the workforce to look for jobs.
The economy added 171,000 jobs last month and unemployment rate in October ticked up to 7.9 percent as more people entered the workforce to look for jobs. - 
Listen To The Story
Marketplace

The unemployment rate in October ticked up to 7.9% as more people entered the workforce to look for jobs. Those new job seekers were no doubt encouraged by the recent uptick in hiring, a trend that continued last month. According to the Labor Department, the economy added 171,000 jobs last month.

Princeton economist Alan Krueger, who chairs President Obama's Council of Economic Advisers, says the report, coupled with other recent economic data, suggests the economy is continuing to heal. "For 32 months in a row now, we've added private sector jobs for a total of 5.4 million jobs," he says, "certainly we have a very deep hole to dig out of -- there is a lot more work to be done -- but I think there are signs of progress in this report."

Yet, Michael Boskin, a Stanford economist and current advisor to the Mitt Romney campaign, says October's numbers were "extremely mediocre", citing the increase in unemployment and the overall decrease in wages. "Job growth was barely above what's necessary to keep pace with the growth of the working age population," he says, "we're bumping along the bottom."

“I think the best compliment I can give is not to say how much your programs have taught me (a ton), but how much Marketplace has motivated me to go out and teach myself.” – Michael in Arlington, VA

As a nonprofit news organization, what matters to us is the same thing that matters to you: being a source for trustworthy, independent news that makes people smarter about business and the economy. So if Marketplace has helped you understand the economy better, make more informed financial decisions or just encouraged you to think differently, we’re asking you to give a little something back.

Become a Marketplace Investor today – in whatever amount is right for you – and keep public service journalism strong. We’re grateful for your support.

Follow Jeff Horwich at @jeffhorwich