There was precious little good news in the latest employment report from the Bureau of Labor Statistics (BLS) for October. Employment rose by 80,000, less than economists expected, and much less than the 250,000 needed to begin to bring down the unemployment rate significantly.
But inside the numbers there was a little good news: The unemployment rate dropped slightly to 9.0 percent, the number of long-term unemployed declined by 365,000 and private-sector employment increased by 104,000. At the same time government payrolls have been decreasing, reducing slightly but inevitably the drag on the private sector that ultimately pays for that government overhead. In fact, according to the BLS,