According to the latest report from the Bureau of Labor Statistics (BLS), the nation added a minute 56,000 new jobs in October, a large reduction compared to previous month's growth. Unlike the September report, BLS concluded that the weak job growth was "not attributable to the areas directly affected by Katrina" because job growth was down in all areas of the country.

President Bush announced today that Ben Bernanke will replace Alan Greenspan as Chairman of the Federal Reserve Board. Greenspans' term expires January 31 of next year. Bernanke currently serves as Chairman of the White House Council of Economic Advisors and has sought to associate himself with the policies of Greenspan, particularly regarding keeping inflation down. Bernanke stated that his first priority would be "to maintain continuity with the policies and policy strategies established during the Greenspan years." Washington Post: "Bush Selects White House Economist Bernanke to Replace Greenspan

The Senate voted this afternoon 47 - 51 against raising the minimum wage to $6.25. 42 Democrats, 4 Republicans (Chafee, DeWine, Santorum, and Specter), and Independent Jim Jeffords (VT) voted in favor of the increase. The minimum wage has not been increased for over 8 years, the second longest drought on record.

After Hurricane Katrina, President Bush waived wage protections established under the Davis-Bacon Act that require federal contractors to pay area prevailing wages. While some have speculated on the legality of this decision, it has flat out angered a substantial number of House members from the President's own party, who sent a letter to him in late September expressing their outrage. This week, Rep. LaTourette (R-OH) - the member who spearheaded the effort to rally 36 other Republicans against the waiver - announced on the House floor he would be seeking legislative action to reinstate Davis-Bacon requirements. "I don't know exactly what we have in mind yet, but I think the week of the 17th [of October] there may be some activity," LaTourette said. Democrats in the House have already taking action to attempt to reverse Bush's decision. Rep. George Miller (D-CA) has introduced a bill, H.R. 3763, that will require the re-application of Davis-Bacon wage requirements to the areas affect by Hurricane Katrina. It is widely agreed the bill would pass it voted upon, but the House GOP leadership has continued to block any such vote. Make Your Voice Heard The Campaign for America's Future has launched a letter writing campaign to raise support for reinstating Davis-Bacon requirements.