The U.S. economy added just 80,000 jobs in October and the nation’s unemployment rate dipped slightly to 9 percent, down from September’s 9.1 percent, according to thelatest figures released this morning by the U.S. Bureau of Labor Statistics (BLS). The nation’s economy needs 130,00-150,000 new jobs each month just to keep up with the influx of new workers. As economist Heidi Shierholz at the Economic Policy Institute (EPI) puts it:
At this rate, the labor market will never start putting the backlog of nearly 14 million unemployed workers back to work. In other words, given the enormous scope of the unemployment problem, this minimal level of job creation will keep us mired in disastrously high unemployment.