BREAKING – Good October Jobs Report – 171,000 Net Gain – Unemployment Rate 7.9%

Photo

The Bureau of Labor Statistics has just released its much-anticipated October Jobs Report, the final employment figures before the November 6th General Election. The Unemployment Rate ticked up slightly to 7.9% — from last month’s 7.8% rate, which was the lowest since the Bush recession decimated the economy in 2008 and into the first months of Obama’s Administration.

Importantly, the best news is the sheer number of jobs added. The report cited a net jobs gain of 171,000, with 184,000 jobs added in the private sector, which beat the estimated 120,000 and even the best estimates of respected industry analysts such as payroll processor, ADP, which had reported 158,000 new jobs for October. Moody’s Analytics characterized the report as “good.”


Also noteworthy, is that the BLS revised its August and September figures up by 84,000 net and the fact that the Unemployment Rate ticked up marginally by .1% is actually seen as a positive sign, when you factor in the 578,000 jobs added to the labor force, a sign that more people are reentering the job market, and a figure similar to September’s Jobs Report.

This is likely to be positive news for the President’s reelection, since he won’t have to deal with the optics of a rate over 8% and, as many other economic indicators – the Stock Market doubling, record corporate profits, consumer confidence increasing, increases in home sales and housing starts, more energy discoveries, etc., – all point to American economic improvement and continued recovery from our 2008 close-call with another Depression.

Both campaigns are now blitzing the battleground states in a flurry of final public appearances by the candidates and their surrogates, trying to shore up support and motivate their respective bases. Obama holds tenuous leads in most swing-state polling, trying to preserve his “firewall” in key Ohio (5-points) and Iowa (6-points), and overtake narrow Romney advantages in Florida and North Carolina.

Surprisingly, reports this morning show that—due to smart, early ad buys at cheaper rates—the President and his supporting Super PACs will likely dominate Romney’s in media advertising over the last few days in the swing states. Also, Obama enjoys anywhere from a 2-1 to 3-1 advantage in field offices…critical in ramping up the all-important election-day ground game.

Now, in the final days of the campaign, the President can continue to point to his record of—now—32 straight months of job growth, adding over 5.4 million jobs to the economy since his policies began to take hold.

Mitt Romney, of course, is trying to paint a much different narrative, that the recovery is not real and that he could—as a businessman—do a better job, despite failing to detail exactly what he would do, or to defend his budgetary math in his vague plans, which have been widely criticized, most recently by the highly respected magazine, The Economist in its recent endorsement President Obama.

Here is direct access to an archive of all of my articles written for Addicting Info