The Oct. #jobs report confirms a weak labor market. The #unemployment rate rose to 3.9%, labor force participation fell to just 62.7%, only 99K low-paying, part-time private sector jobs were added (mostly 2nd or 3rd jobs), 35K high-paying Mfg. jobs were lost, and Govt. hired 51K. Oct.'s very weak #jobs report shows that #inflation is headed much higher. 34% of the jobs added were government workers, who don't produce goods. Meanwhile 35K Mfg. workers who do produce goods lost their jobs. More spending and less production means higher prices. #Stagflation!