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ECONOMIC STANDSTILL: 171K New Jobs, 170K New Jobless

The final monthly jobs report before Election Day offered a mixed bag of  economic evidence that would surely become political putty for the presidential  candidates, with the unemployment rate ticking up to 7.9 percent but the economy  adding a better-than-expected 171,000 jobs.

At the same time, the number of unemployed grew by 170,000, roughly the same  amount — to 12.3 million.

The October numbers allow President Obama to argue the economy is technically  growing under his watch. But they also allow Mitt Romney to argue that the new  jobs are not making much of a dent in the unemployment problem. Both  campaigns quickly set to work putting their spin on data that, if nothing else,  underscores the slow pace of the recovery.

“Today’s increase in the unemployment rate is a sad reminder that the economy  is at a virtual standstill,” Romney said in a statement. “The jobless rate is  higher than it was when President Obama took office, and there are still 23  million Americans struggling for work. … When I’m president, I’m going to make  real changes that lead to a real recovery, so that the next four years are  better than the last.”

Former Bureau of Labor Statistics chief Keith Hall told Fox Business Network  that at this rate, “we’re still talking nine or 10 years” before the economy  gets back to normal.

Both candidates are expected to address the report at campaign stops Friday,  four days before the election.

The numbers stand as the last major economic report before Election Day,  capping what has effectively been a two-year campaign focused largely on jobs —  or the lack of jobs.

The prior September jobs report came as a surprise, showing the unemployment  rate dropping to 7.8 percent, dipping below 8 percent for the first time since  Obama took office. However, economists on both sides of the aisle  questioned the accuracy of the number, and Republicans continued to claim that  job growth is not nearly where it needs to be.

The October report showed the rate ticking up in part because more people  were joining the workforce. The report reflected growth across a number of  sectors, including health care and retail and construction. Mining, though, lost  9,000 jobs last month. And average hourly earnings dropped by a penny, to  $23.58.

Obama has said all along that there’s more work to do, but has argued that  electing Romney would turn back the clock on the recovery.

“We’ve made real progress these past four years. But, Colorado, we all know  our work is not yet done,” Obama said at a Colorado rally on Thursday. “As long  as there’s a single American who wants a job and can’t find one, our work is not  done.”

Still, the president said shortly after taking office that failing to right  the economy in three years would mean a “one-term proposition.”

Romney has called for a new course, and has described the president as out of  ideas. On Thursday, he repeatedly mocked Obama for proposing a so-called  Department of Business.

“I just don’t think another Cabinet chair is going to create the jobs that  America needs,” Romney said in Doswell, Va., part of a daylong swing through the  battleground state.

Romney plans to hit rallies in both Wisconsin and Ohio on Friday. Obama will  attend three campaign events in Ohio

Source: Fox News

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Posted by on November 2, 2012. Filed under NY News,Slider. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.