Friday's unemployment report shows a longer-term trend: The private sector created jobs as the public sector continued cutting them. The story of this difference begins with the financial crisis, in early November 2008.
The estimated price tag for Superstorm Sandy could run as high as $50 billion. But homeowners and businesses in the Northeast aren't just dealing with damage from Sandy; they're also dealing with insurance companies. And figuring out what's covered and what's not can get very complicated.
Friday's jobs report was — in effect — a BEFORE snapshot of the U.S. economy. The Labor Department collected all of the data before Superstorm Sandy slammed into the East Coast and before the election outcome could be known. The election adds uncertainty over the looming fiscal cliff that has made some companies reluctant to hire.
The economy added 171,000 jobs in October, but unemployment edged up to 7.9 percent. Unemployment isn't the only economic issue on the table, there's also the deficit. Host Michel Martin speaks with economist and writer Julianne Malveaux and NPR Senior Business Editor Marilyn Geewax to see how those two factors affect the economy at large.
There were about 50,000 more jobs added to payrolls than economists expected. Also: September's growth was revised upward. This is the last major economic report before Election Day and is sure to be a hot topic on the campaign trail.
The produce aisle may not be restocked at the Stop & Shop in Toms River, N.J., and other perishables may still be hard to come by. But rest assured, the local pizzeria is hopping. Geno D's served up more than 500 pies on its first day back in business on Wednesday.
The Bloom family has been raising oysters for three generations now on 2,000 underwater acres of oysters in Long Island Sound. On Wednesday, two days after the storm, the Blooms were finally able to get out on the water to assess the damage, and they found a lot of it.
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