October jobs report; unemployment up, hiring increases

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The final monthly jobs report before Election Day showed a relatively higher unemployment 7.9% from 7.8% in September while the economy added a better-than-expected 171,000 jobs, news sources report.

Both Mitt Romney and President Obama will set to work putting their spin on that data. Although, if nothing else, it "underscores the slow pace of the recovery," Fox news reports.

Economists expected the rise in unemployment; more people joined the labor force, pushing up the share of the working-age population with a job, CNN reports.

Although, 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, FOW news reports.

The pace of hiring has not regained since January and February, when more than 250,000 jobs were being added each month, CNN reports.

"Today's employment report provides further evidence that the U.S. economy is continuing to heal from the wounds inflicted by the worst downturn since the Great Depression," Alan B. Krueger, chairman of the White House Council of Economic Advisers, said, FOW news reports.

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This page contains a single entry by snyde509 published on November 2, 2012 11:11 AM.

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