The Labor Department has finally released the long awaited jobs report for the month of October. Both major political parties have been waiting for them to come so they can make the case that they’re better for the economy and American people then the other side. Employers across the U.S. added 171,000 jobs in October, with hiring over the last two months being better then they first thought.
The unemployment rate did move up 0.1 percent from 7.8 percent to 7.9 percent because of more people entering the work force again due to the upcoming holiday season. This new jobs report shows the the economy is back on an upward trend, and headed towards a strong recovery if the market can keep producing numbers like this. On average, 173,000 jobs have been created each month since July, which is better than the 67,000 jobs a month added from April through June.
This isn’t all good news for President Barack Obama though, who still faces the highest unemployment rate of any incumbent since FDR. In case your wondering why the unemployment rate went up slightly, it’s because more out of work Americans have resumed their search for jobs. The government only counts people as unemployed if they are actively seeking new jobs.
Republican presidential nominee Mitt Romney was quick to release a statement on the new jobs report that said:
Today’s increase in the unemployment rate is a sad reminder that the economy is at a virtual standstill. The jobless rate is higher than it was when President Obama took office, and there are still 23 million Americans struggling for work. On Tuesday, America will make a choice between stagnation and prosperity.
According to the labor department, the number of unemployed Americans is roughly 12 million. The 23 million unemployed that Mitt Romney keeps referring to is if you include “total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons.” Also it’s worth noting that the economy grew at an annual rate of 2.0 percent in the third quarter this year, according to the commerce department.
Signed, Isidori Mtabo