Recapping the day's news and newsmakers through the lens of CNBC.
The job front has two problems: Not enough jobs are being created, and too many of the new ones are not very good—they are either part-time or in low-paying industries such as retail, leisure and hospitality. Although the unemployment rate has fallen to 7 percent, the government's underemployment rate remains north of 13 percent, and private economists put it over 17 percent.
Happily, growing numbers of economists think 2014 could see more creation of better-paying jobs, like manufacturing, as companies, seeing economic improvement, get bolder about tapping into cash reserves, which are vast. Growth in higher-paying jobs is key to economic growth because those workers spend more.
"If we could maintain a 3 percent–plus pace next year … I'm thinking so far we have in the second half of this year ... then yes, jobs prospects for everyone should improve."—Joseph A. LaVorgna, managing director and chief U.S. economist at Deutsche Bank Securities
"What we do expect is that the recovery will shift gears … and as it does, we will see more of the better-quality jobs. If we do see stronger manufacturing conditions, if we do see a stronger housing market, exports, that suggest ... we see the types of jobs shifting from these low-paid part-time jobs that characterized the economy for the past couple of years into the better-quality, full-time jobs."—Sophia Koropeckyj, managing director for Moody's Analytics