Romer: Job losses show mixed results

Christina Romer, chairwoman of the Council of Economic Advisers (CEA), said Friday that new unemployment numbers shows "signs of hope" as well as "painful evidence of" a weak jobs market.

New jobless numbers released by the Department of Labor this morning showed unemployment at 10.2 percent in October, up from 9.8 percent in September. Nonfarm payrolls lost 190,000 jobs, a higher-than-expected figure but lower than the 219,000 jobs lost in September.

"Today’s employment report contained both signs of hope for recovery and painful evidence of continued labor market weakness," Romer said in a statement. 

She cited a "steady trend of moderating job loss that began last spring" as a sign of hope. Romer also pointed to employment  increases in industries says to be bellwethers for future job gains, such as temporary help services and the moto vehicle industry.

Romer also said that revised figures that showed 91,000 fewer jobs were lost in August and September were another good sign.

Experts had predicted unemployment to rise to 9.9 percent. Instead, the rate jumped to a 26-year high.

"These are hopeful signs that the unprecedented policy actions are working to stabilize the economy and put us on a path toward recovery," she said. 

Romer, who is one of President Barack Obama's top economic advisers, said that the increase in unemployment is also indicative of the lag between job growth and GDP growth. The GDP came in at a 3.5 percent annual growth rate last quarter. 

Regardless, she said "having the unemployment rate reach double-digits is a stark reminder of how much work remains to be done before American families see the job gains and reduced unemployment that they need and deserve."

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