Today the Government released the October Labor Statistics and we see that employers have added a larger-than-expected 171,000 jobs in October across a broad spectrum of businesses. In this, the final snapshot of the economy before election day, we have an interesting picture of job growth… more than double what it was in September.
Unfortunately, the nation’s unemployment rate rose to 7.9% from 7.8% in September. This was because more people jumped back into the labor market, including a very large group of 18-year old first time workers. This, of course, is a positive sign that workers may be feeling more confident about their job prospects.
The new Labor Department report, which also revised sharply higher job growth in September and August, may give a boost to President Obama, who continues with a slow but positive economic growth. There is still enough information for the undecided to support Obama who has kept us going even though Mitch McConnell and his Republicans have worked overtime to keep Obama’s Job Creation proposals and other forward moving activities from passing or getting any Congressional support. It’s interesting that Obama has gotten as far as he has… and it is even more interesting how little the Republicans have been concerned with helping to relieve our economy.
- US economy adds 171,000 jobs (bigpondnews.com)
- Economy adds 171,000 jobs in October (bostonherald.com)
- US economy adds 171,000 new jobs (bbc.co.uk)
- U.S. Adds 171K Jobs In October: What It Means For Obama And Romney (forbes.com)
- October jobless rate is 7.9 percent: 171,000 jobs created. Good news for Obama (blogs.suntimes.com)
- Job Growth Better Than Expected Last Month (politicalwire.com)
- SPECIAL REPORT: “171 Thousand Jobs Added in Last Jobs Report Before Election, Unemployment Rate 7.9%” (marketsnacks.com)
After listening to Romney accusing the President of not being able to get the unemployment rate below 8.1%, today the newest rate report was released. At 7.8% it’s lowest level since January 2009.
Let’s hear it for the President as the rate came down and jobs, even though just a little (114000 jobs in September), moved up.
Meanwhile, what has Romney done to support his country in helping promote unemployment activity? Why, nothing. Nothing at all.
- Unemployment rate drops to 7.8 percent, lowest in four years (wjla.com)
- Unemployment rate falls to 7.8% (abcactionnews.com)
- The death of a talking point (maddowblog.msnbc.com)
- US unemployment rate falls to 7.8 pct. in September (bostonherald.com)
- Unemployment rate below 8%, but Romney says not enough (politicalticker.blogs.cnn.com)
- 114K new jobs, unemployment drops to 7.8% (cbsnews.com)
- Unemployment Rate Drops to 7.8% (politicalwire.com)
From McClatchy newspapers:
Stronger-than-expected July jobs number reported by the government Friday eased concerns about an economy slipping back into recession and gave wind to President Barack Obama’s re-election hopes. But economists warned that the road ahead is likely to remain bumpy.
The strong report sent stocks soaring for most of Friday’s trading, with the Dow Jones industrial average up more than 220 points in the first hour, closing up 217.29 for the day at 13,096.17.
Mainstream economists had expected about 100,000 new jobs, so Friday’s report was wildly above expectations and more than double the revised 64,000 jobs that were added in June. Most heartening, economists said, was that the gains were spread across all sectors but construction and government hiring.
I find this is very encouraging even though there was a slight increase in unemployment.
Add this information to the number of private jobs gained under Democrats since 1961 and you wonder what Mitt Romney is really going to do about jobs. My guess is nothing!
- Government report: Employers add more jobs than expected in July (sacbee.com)
- US economy adds 163K jobs, rate rises to 8.3 percent (bostonherald.com)
- Obama, Romney Each Read Jobs Numbers Differently (wnyc.org)
- Jobs added in July, but economists still worried (goerie.com)
- July hiring exceeds expectations, eases worries (bangordailynews.com)
- US economy adds 163K jobs, rate rises to 8.3 pct. (onlineathens.com)
…says the NY Times:
The nation’s unemployment rate fell to 8.5 percent in December, from a revised 8.7 percent in November, the government said.
typical response to any of Obama‘s achievements.
This was the sixth month that the economy added at least 100,000 jobs. Not enough, maybe, to get back to pre-recession levels, but, hey, the Republicans stepped on Obama’s jobs bill that would have created considerably more positions Also, if you look at Republican Primary speeches, none of the yoyos are getting ready to create ANY jobs (except for themselves).
- GOP Primary Race Takes Ugly Turn (huffingtonpost.com)
- Unemployment rate falls as economy adds 200K jobs (troyrecord.com)
- Romney hits Obama’s economic record despite improving jobs numbers (politicalticker.blogs.cnn.com)
- Unemployment rate falls as economy adds 200K jobs (newsok.com)
- Hiring surges across U.S.; unemployment rate drops to three-year low (mercurynews.com)
- Unemployment rate falls to 8.5 pct., hiring surges (sfgate.com)
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It was originally expected that the number of new jobs would b3 85,000… less than the 100,000 minimum necessary to start correcting the unemployment burden. In reality, the new estimate is that the number is 117,000 which brings the unemployment rate from 9.2% to 9.1%.
How much better the situation gets in the next six months is unknown. A stand-off between Democrats and Republicans over raising the country’s debt ceiling poisoned the atmosphere for employers and consumers. Whether this new report helps them to bounce back is questionable.
Commenting from the White House, Council of Economic Advisers Chairman Austan Goolsbee said:
“While the better than expected report is welcome news, the unemployment rate remains unacceptably high and faster growth is needed to replace the jobs lost in the downturn.”
- Unemployment rate dips, economy adds 117K jobs (boston.com)
- Jobs Report Better Than Expected: Hiring Picked Up in July (themoderatevoice.com)
- An Extremely Giddy Austan Goolsbee Tells Jon Stewart: I Feel Bad Obama Has To Be Around The Folks In Washington (thenewspundit.com)
- Employers add 117,000 jobs in July, unemployment rate drops (usatoday.com)
- Relief: July report shows jobless rate slips (chron.com)
- Jobs Report Better Than Expected (coydavidson.wordpress.com)
A group called BrokeFix in protest of the removal of the Labor Mural from the Maine Capitol in Augusta by the Right Wing Governor did what was called a “Photo Bomb” demonstration to bring the mural back.
Take a look:
The USDoL had put up more than $36,000 to help commission the mural. If it is not put back in actuality, the citizens of Maine will likely have to return the grant money.
- Protesters raise a ruckus at state Capitol building (kitsapsun.com)
- Maine artist hoped labor mural would educate (seattletimes.nwsource.com)
- Removal of Mural May Cost Maine Taxpayers (politicalwire.com)
- Feds to Maine: Reinstall labor mural or repay funding (via CNN Political Ticker) (richardemanuel.wordpress.com)
- US Labor Dept. steps into Maine mural dispute (seattletimes.nwsource.com)
- Maine Takes Down Labor Mural (npr.org)
What is it about these TeaBag Governors? Have they forgotten all the advances that Labor brought to this country? Eight hour days? Weekends off? Summer vacations? Regular advancements and fair negotiations? This Le Page is as bad as Scott Walker and just as deserving of removal.
- What Maine’s assault on labor history really means (salon.com)
- Maine governor tries to disappear labor history (salon.com)
- Why Gov. LePage Can’t Erase History, And Why We Need a Fighter In The White House (tpmcafe.talkingpointsmemo.com)
- Gov. LePage Orders Removal of Labor Mural from Maine Department of Labor (workinprogress.firedoglake.com)
- Robert Reich: Why Maine’s Governor LePage Can’t Erase History, and Why We Need a Fighter in the White House (huffingtonpost.com)
- No pictures of labor in the Department of labor. (preaprez.wordpress.com)
- Maine Governor To Remove Pro-Labor Mural From Labor Department HQ (thedaleygator.wordpress.com)