Pre-Election Jobs Report: Increased Hiring, 7.9% Unemployed

jobs report October

By Jason Lange


WASHINGTON -- U.S. employers stepped up hiring in October and the jobless rate ticked higher as more workers restarted job hunts, a hopeful sign for a lackluster economy that has dragged on President Barack Obama's re-election chances.

Employers added 171,000 workers to their payrolls last month, the Labor Department said on Friday. The government also said that 84,000 more jobs were created in August and September than initially estimated.

The jobless rate edged a tenth of a point higher to 7.9 percent, but that was due to a surge of workers back into the workforce. Only people who have recently looked for a job can count as unemployed.

The employment data was the last major report card on the economy before Tuesday's presidential election, which pits Obama against Republican Mitt Romney.

While the rise in the jobless rate was expected, the increase in payrolls beat even the most optimistic forecast in a Reuters poll.

The report provides fodder for both candidates.

Even sustained monthly gains of 171,000 would likely bring down the jobless rate only slowly. Even with the relative strength seen in the report, a full recovery from the 2007-09 recession remains distant. The jobless rate, which peaked during the recession at 10 percent, remains about 3 percentage points above its pre-recession level.

Romney has made the nation's feeble jobs market, which has plagued Obama since he took office in 2009, the centerpiece of his campaign.

The latest Reuters/Ipsos daily tracking poll showed Obama and Romney in a dead heat in the presidential race. Still, the political impact of the report will likely be muted as most voters' perceptions on the economy are likely firmly fixed by now.

The persistently high unemployment rate makes it unlikely that the Federal Reserve will lose its resolve to keep easy money policies in place until the economy shows more vigor.

More: Planned Job Cuts Jump 41%, 5-Month High, Report Says


Fiscal Cliff

Even with a moderate pace of job creation, the U.S. economy faces a real threat of a renewed recession next year.

Without action by lawmakers, existing legislation will raise taxes and cut spending to the tune of about $600 billion in 2013. That scenario -- known in Washington as the "fiscal cliff" -- could easily cause the economy to contract.

Europe's debt crisis, which has hit factories around the world, including those in the United States, is also weighing on the U.S. economic recovery.

In October, however, U.S. manufacturers added 13,000 jobs, snapping two straight months of decline.

Nonetheless, the Fed is expected to expand a new bond-buying program at the end of the year to compensate for the end of another stimulus program aimed at driving down borrowing costs.

Persistently weak labor market conditions led the central bank in September to launch a program to buy $40 billion worth of mortgage-backed securities every month until there is a sustained pickup in the labor market.

"The Fed is probably not impressed with the improvement in the job market over the past couple of months," said Ryan Sweet, an economist at Moody's Analytics in West Chester, Pa.


US Economy Adds 171K Jobs, Rate Rises to 7.9 Pct




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December 10 2012 at 12:56 AM Report abuse rate up rate down Reply
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November 04 2012 at 11:13 PM Report abuse rate up rate down Reply
HJ

With every financial recession (70s) bubbles and crashes (80s, 90s), Republicans created them and Democrats had to sweep up.

Republicans have proven over and over again for 40 years that they don't know what they're doing economically.

Time to vote them all out and find a new party.

November 03 2012 at 11:50 AM Report abuse rate up rate down Reply
Thomas Keller

Before all you Obama folks get to excited, while the figures show 171000 jobs, we all need to be aware that it takes 150000 new jobs just to keep up with population growth...so the bragging point is really only 21000 jobs. The fact rermains there are fewer people working now and paying taxes than in January of 2009 when Obama started his anti business and anti job campaign. Also most stratling about the latest report is that among black citizens, unemployment went up a full percent in October. It now stands at 14% with black teen unemployment much higher. This all points out the contradiction of Obama saying he is the champion of the poor and middle class. He only says that to get their votes when the fact of the matter is that he has created as many poor people as he has jobs. His people are the Hollywood elite. It is a contradiction to say you are for higher energy prices and the poor at the same time. The middle class is driven into poverrty with higher energy prices,....part of the reason there are so many more poor people then when Obama started. Romney understands the effect of high energy prices on the poor and middle class...he does not want to create more poor people just to make them dependent to get their vote. Think of all our poor people when you vote next week.

November 03 2012 at 7:10 AM Report abuse +2 rate up rate down Reply
1 reply to Thomas Keller's comment
HJ

How nice of people to suddenly be concerned with the employment rates of Blacks and other minorities. But it is a false concern and baseless as well.

Why? Because since 1960, the black unemployment rate has always been at least TWICE that of the national rate.

So let's leave blacks out of the pro-GOP argument. It's uninformed, childish, condescending and embarrassing.

Presidents have no control over energy prices, even if they allowed gas to be drilled in our pristine forests. Prices are based on world demand, and all companies agree on prices, even if not sold abroad. The increase in price is due to rising demand from developing countries as they become more modern. Of course, we could stop them and make them dependent on charity handouts, especially during natural disasters…

With every financial recession (70s) bubbles and crashes (80s, 90s), Republicans created them and Democrats had to sweep up.

Republicans have proven over and over again for 40 years that they don't know what they're doing economically.

November 03 2012 at 11:49 AM Report abuse rate up rate down Reply
TJ

Oh wait. Just read where the jobs are going. Apparently 2/3 of the jobs in the past 2 years have gone to immigrants who are now allowed to work. Sorry people if you are a natural born I guess you are out of luck.

November 03 2012 at 6:03 AM Report abuse rate up rate down Reply
1 reply to TJ's comment
HJ

Dream program immigrants are under the age of 30 and cannot do management jobs. Most are not in college, so unless people are looking to wash cars, change rich kids' diapers or sweep floors, they're not taking any real jobs from citizens.

November 03 2012 at 11:26 AM Report abuse rate up rate down Reply
TJ

Would someone please inform me where the rest of America needs to move to. Can't seem to find those jobs in any person I have talked with in 5 different states. ( I do tech support for some tool grinding companies)

I really would like to know these things:
Who is doing all the hiring (layoffs everywhere I check)
Exide just announced they will lay off 126 in this plant. Other companies like Kennametal talking of cutting and many more we do work for saying the new regulations imposed for them will cause cuts or closing plants completely. I just don't get it. Where are they? I may need to know soon so I can get a job.

November 03 2012 at 6:01 AM Report abuse rate up rate down Reply
1 reply to TJ's comment
dirtdeviltx

The jobs are in Texas, where the president won't go or help, not that we need his help. Texan's created the jobs he is taking credit for that are mostly related to the oil/energy fields that he is opposed to. Thought I'd let you know. Vote Romney if you want it to spread to the other states people.

November 04 2012 at 12:58 PM Report abuse rate up rate down Reply
fact.checker1

Maybe if President Obama met with his jobs consel more than once in the last 9 months, unemployment might have been lower now. But he was too busy campaigning, going on tv talk shows, visiting MTV and and Hollywood idiots, and his real good buddy "The Pimp with the Limp". Romney Ryan 2012

November 03 2012 at 6:01 AM Report abuse +1 rate up rate down Reply
1 reply to fact.checker1's comment
HJ

Last time I looked, only thing that the president can make is government jobs, and only with permission from Congress. And Congress is cutting government budgets, so no new jobs made there.

Presidents can beg the private sector to make jobs, but they don't have to if they don't need extra workers.

To think that a president and his jobs council makes jobs is to think like a child.

November 03 2012 at 11:24 AM Report abuse rate up rate down Reply
sup

i have to say this again .. JASON LANGE .. Oh say can you see from your view from that far up Baraks rear ... this report is crap, it should say more people lost their jobs this week showing that the golden boy of the press is useless ...Jason, you need to get fired dummy and you will note that yu lose your job, your life becomes hard ... and not in the viagra kind of way you like getting it from BO

November 03 2012 at 5:10 AM Report abuse +1 rate up rate down Reply
1 reply to sup's comment
HJ

At this time every year, more jobs are eliminated as companies try to not go over budget for end-year. So the very slight increase in lost jobs is a seasonal phenomenon that is not counted in the seasonal hires statistical adjustment.

November 03 2012 at 11:28 AM Report abuse rate up rate down Reply
sup

This report is 100% bad for Obama but the reporter is fudging it ... oh its .. oh it might ...the damn thing is worse dummy .. Now who ever employes this clown fire him and hire someone else ... then he will know that when unemployment goes up its hard on people that need a paycheck, unlike the dummys on here that are smokin pot and voting for Oblamey ... Thats his name O Blamey.

November 03 2012 at 4:47 AM Report abuse +1 rate up rate down Reply
onerram

What will the story be in a couple of months when the 0.1% get let go from their seasonal (Christmas generated) jobs?

November 03 2012 at 4:33 AM Report abuse +1 rate up rate down Reply
1 reply to onerram's comment
HJ

The numbers are already adjusted for them. There have been holiday decorations in stores near me since Sept.

November 03 2012 at 11:29 AM Report abuse rate up rate down Reply

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