The low-down on the U.S. economy in October? A modest total -- as 80,000 new jobs were created --  below the Bloomberg consensus estimate of a 103,000 job gain.

However, job gain totals for September and August were revised substantially higher: September to a gain of 158,000 from the initially-estimated 103,000-job gain, and August, up to 104,000 from 57,000.

Also, the unemployment rate ticked down in October to 9.0 percent from 9.1 percent.

Hourly earnings rose 0.2 percent in October and the workweek was unchanged at 34.3 hours. The broader U6 unemployment rate fell to 16.2% from 16.5% in September.

Economic Analysis: The quick-read on the October jobs total? It indicates the U.S. job market, while it still is not robust, it has not collapsed. The upward revisions to prior months are the key: it shows a modest uptrend in job growth -- that should quell the double-dip recession concerns, and if the trend holds, it would mean good things for investors and job seekers alike.