Economy adds 171K jobs; rate rises to 7.9 percent in October

Economy adds 171K jobs; rate rises to 7.9 percent in October

The last employment report before Election Day found the economy added 171,000 jobs in October, more than had been expected.

The report also revised job growth figures for August and September up by 84,000, suggesting economic growth picked up in the late summer and fall after a sluggish spring.

While the unemployment rate ticked up to 7.9 percent from 7.8, so did the labor force participation rate, suggesting more people believe they can find work. The labor force rose by 578,000 in October, with the labor force participation rate edging up to 63.8 percent.

Still stagnant.

The BLS says 12.3 million people are officially unemployed.

The BLS says the rate for blacks is 14.3%.

The BLS says the long term unemployed are 5 million people out of work for 27 weeks or longer .......
(that's 40.6 percent of the unemployed).

BLS Oct 2012 Report

(CNSNews.com) - The so-called real unemployment rate fell slightly in October, going from 14.7 percent to 14.6 percent, according to a report from the Bureau of Labor Statistics Friday.

This rate is a more comprehensive picture of those who are unemployed or underemployed.

Known as the U-6 rate, this measure combines those traditionally counted as unemployed, those counted as underemployed – holding part-time jobs for economic reasons, and those marginally attached to the labor force. ..

Real Unemployment Rate 14.6 Percent in October

Obama is right.

There's more work to do.....

He's been saying that all along.

I wonder what he really means ?


February 2009: the Obama Administration promised the American public that after their nearly trillion dollar stimulus too effect, the unemployment rate would drop down to 5.3% at the end of his first term.


Listen carefully..... video from Aug 2011
"3 Years Of Obama's Job Promises, Promises"

Here's a side kicker....

With the latest jobs report, it is now the case that "Under Obama, Food Stamp Growth [Is] 75 Times Greater Than Job Creation," according to statistics compiled by the Republican side of the Senate Budget Committee. "For Every Person Added to Jobs Rolls Since January 2009, 75 People Added To Food Stamp Rolls." ....

Food Stamp Growth 75X Greater than Job Creation

It's easier to borrow and spend ?

No matter how you look at it, the jobs numbers do not look good. Most jobs added have been seasonal and not skilled labor or professional positions.

By the way, many people on food stamps are already employed. So I don't think you can compare foodstamp usage and employment numbers. If anything it just shows that the jobs people do have do not pay enough to provide basic human needs.

Less Bias Source

The unemployment rate rose to 7.9 percent from 7.8 percent in September. That was mainly because many more people began looking for work, and not all of them found jobs. The government uses a separate survey to calculate the unemployment rate, and it counts people without jobs as unemployed only if they're looking for one.

Friday's report was the last major snapshot of the economy before Tuesday's elections. It's unclear what political effect the report might have. By now, all but a few voters have made up their minds, particularly about the economy, analysts say.

This is good news regardless of what side you are on. I think we all know how the job numbers have worked for a while. I do have to agree with the article that this will probably not affect the polls at this point but the trend seems to be that we are on the mend.