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Expert predicts bad October jobs report

 
Expert predicts bad October jobs report
Posted Thursday, November 7th 2013 @ 4pm  by WTVN Newsroom

WASHINGTON, DC (WTVN) -- When a jobs report for October is released Friday morning, one analyst expects to see a jump in the number of unemployed Americans. He blames that on the government shutdown.

"There were about 350,000 people affected by those furloughs and so we may see the unemployment rate drive higher in month of October just because of the furloughs alone," said Bankrate.com's Mark Hamrick.

Hamrick also expects the report to reflect the fact that job creation during the recovery continues to be sub par.

"Businesses remain extremely cautious about hiring because of all the uncertainty," he said.

He blames the Affordable Care Act and the inability for Congress and President Obama to get a long-term budget agreement in place.

"It seems as if we only get about three months of budget certainty at a time and businesses can't operate that way," said Hamrick.

While October's report could look ugly, Hamrick expects the November numbers will look comparatively good. However, Hamrick says when you step back from the month-to-month numbers you notice something.

"They continue to tell the same old story. That is that job creation is lackluster and the job market has been slow to heal after the great recession."

Ohio's unemployment numbers won't be released until later this month. They'll include both September and October since the September numbers were to be released during the government shutdown.

(Photo courtesy Getty Images)

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