Payroll processor ADP put out its October jobs report today, and the numbers were promising. According to the private company, over 158,000 jobs were created in October. September’s total was revised down to 114,000 from 162,000. Tomorrow, the more highly sought after Bureau of Labor and Statistics numbers come out. This will be the last jobs report before the presidential election on Tuesday.
The jobs report was not the only positive economic news of the day. In October, consumer confidence rose to its highest level in four years. According to the Conference Board, its consumer confidence index jumped to 72.2 in October, the highest its been since February of 2008. With the holiday season right around the corner, that confidence is only expected to grow further in the coming months.
These numbers join others reported lately that point to a strengthening economy. Several indicators are starting to reach highs not seen since before the recession. Housing has been a major catalyst. The housing sector is finally seeing growth again after being a weak point for the last several years. Job growth has been weak, but constant. Consumer spending has picked up in accordance with all the good news.
The US appears to be in a better position than its rivals in Europe and Asia at the moment. Parts of the eurozone are battling recession, and China’s economy is still slowing down. If trouble persists in those economies, the US will feel the effects down the road. In the global economy, no nation is an island. We are all interconnected, and trouble in one spot can affect everyone else.