The unemployment rate ticked up one tenth of a point to 7.9 percent, from 7.8 percent, according to the Bureau of Labor Statistics (BLS), because of a surge of workers re-entering the market. It may be thought of as the most important monthly reporting of the year, just days before the election.
Overall, excellent news for those who have been unemployed, for the economy, and for the President.
- Unemployment remains under 8 percent.
- 171,000 jobs created in October.
- September jobs added revised up from 114K to 148K.
- August jobs added revised up from 142K to 192K.
“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 reelection chances,” Reuters reports:
Employers added 171,000 people to their payrolls last month, the Labor Department said on Friday. The government also said 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.
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