White House economic advisor Jared Bernstein said it was wrong to talk about a recession after Friday’s jobs report came out.
The Bureau of Labor Statistics reported Friday that the unemployment rate rose to 3.7% in October, up from expectations it would hold steady at 3.5%. The number of jobless Americans rose to 6.1 million and labor force participation declined 0.1% from September to October. The U.S. did add 261,000 jobs overall in October, down from 315,000 in September, the number of unemployed persons rose by 306,000, the highest level since February, according to the Federal Reserve Bank of St. Louis.
Bernstein, however, said the report was a clear indicator the U.S. is not headed toward a recession. (RELATED: ‘Housing Market Has Entered A Recession’: Home Sales Plummet In Ominous Sign For Economy)
“I just think it’s very inconsistent to be talking about a recession on a day when we’ve not had just 261,000 jobs last month, but over the past three months close to 300,000 jobs per month with an unemployment rate close to a 50-year low, 3.7%. GDP growth was of course, well north of 2% in Q3. So these are just statistics that are completely inconsistent with recession.”