October Jobs Report: Why You Should Be Skeptical

Category: Markets / Finance / Nov 08, 2013 1:25PM EDT

Wall Street gained on Friday after a government report revealed the U.S. economy added 204,000 jobs in October, the Labor Department said on Friday, well above the 125,000 jobs expected by economists polled by Reuters. The unemployment rate ticked up to 7.3 percent in October from 7.2 percent the previous month.

“I would say that with all job number reports that come from the government, treat them with a grain of salt because the numbers are constantly revised,” said Jason Weisberg of Seaport Securities. “I don’t put a lot of faith in this number today. I know the Street has reacted very positively. I am surprised because of the government shutdown. The number is what it is and that’s why I don’t trust the number.”

The Dow Jones industrial average climbed 81.27 points, or 0.52 percent, at 15,675.25. The S&P 500 was up 14.89 points, or 0.85 percent, at 1,762.13. The Nasdaq Composite Index gained 53.68 points, or 1.39 percent, at 3,911.01.