Recapping the day's news and newsmakers through the lens of CNBC.
Hey, this isn't what the script said! The government shutdown was supposed to undermine employment growth, with the White House claiming it had cost 120,000 private-sector jobs. Instead, employers added 204,000 jobs in October, blowing away economists' forecast for 120,000, and leaving some to scratch their heads—and speculate that Fed tapering could come sooner rather than later. August and September numbers were revised sharply upward. Maybe all those furloughed federal workers were living it up, as the biggest job gains were in leisure and hospitality, especially bars and restaurants. Now for the bucket of cold water—the 720,000-person decline in the civilian labor force, dragging the labor participation rate to the lowest since 1978.
"I find this bizarre. I wouldn't be surprised if this gets revised to some degree ... down."—Moody's economist Mark Zandi