October Employment Report

So nonfarm payrolls came in weaker than expected, last month's was revised much higher, the unemployment rate was better than expected (4.4% vs 4.6% expectations), manufacturing payrolls were weaker, hourly earnings were higher, and weekly hours were higher.  Have fun digesting this one!  The market reaction to the reports so far has signified a plus for the economy, as S&P futures have reacted positively while the bond market has declined quite a bit.  And the 4.4% unemployment rate (which we know many people dismiss these days) is sure to be a strong talking point for Republicans going into Tuesday's elections.  Please see below for a table of employment reports going back to mid-2004.