Jobless Rate Remained at 9.6 in October

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A new report from the U.S. Labor Department shows the economy still isn't generating enough jobs to bring down the nation's unemployment rate.

According to Friday's report, the private sector hired 159,000 workers, while all levels of government shed 8,000 jobs. The result for employers was a net gain of 151,000 jobs in October, the most in five months.

 "This is very optimistic news and it comes in the wake of other fairly good news," Nariman Behravesh, chief economist at IHS Inc. in Lexington, Mass., said in an interview on Bloomberg Television's "In the Loop" with Betty Liu.  

"It looks like the last month or so things have started to move upward again, and the momentum is hopefully building," he said.

Still, the new hires weren't enough to alter the jobless rate, which remained at 9.6 percent.

"The unemployment rate is still unacceptably high, and we've got a lot of work to do," President Obama commented on Friday's report.

Economists expect unemployment to remain above 9 percent well into next year.

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