U.S. adds 204,000 jobs; unemployment rate rises to 7.3 percent
The New York Times: "Defying predictions that the government shutdown would sap job growth, private employers added more than 200,000 positions in October, well above even the most optimistic estimates on Wall Street. In addition to the healthier-than-expected number for job creation last month, the Labor Department also revised upward the number of hires in August and September by 60,000. The unemployment rate, based on a separate survey and one that counted furloughed federal employees as out of work, rose to 7.3 percent in October from 7.2 percent in September."
Twitter resists investor frenzy to avert Facebook flop
Bloomberg: "The contours were familiar: A hot social-media company going public with investors baying to buy its stock. Yet the outcome of Twitter Inc.'s initial public offering was far different from Facebook Inc.'s, underscoring the delicate balancing act of pricing IPOs. Twitter rose 3.8 percent after surging 73 percent yesterday, the biggest day-one jump for an IPO of more than $1 billion since 2007, according to data compiled by Bloomberg. The company received orders for about 30 times as many shares as it offered at the $26 IPO price. Facebook was little changed in its debut and slumped 11 percent the next trading day."
$10 minimum wage proposal has growing support from White House
The New York Times: "The White House has thrown its weight behind a proposal to raise the federal minimum wage to at least $10 an hour. President Barack Obama, according to White House official, supports the Harkin-Miller bill, also known as the Fair Minimum Wage Act, which would raise the federal minimum wage to $10.10 an hour, from its current $7.25. "