October Jobs Report Shows 171,000 New Jobs Added, Unemployment Ticks Up To 7.9 Percent

October Jobs Report Shows 171,000 New Jobs Added, Unemployment Ticks Up To 7.9 Percent

The October jobs report released Friday shows that employers added 171,000 jobs during the previous, pointing to a job market that is gradually improving after less-than-expected job growth during the spring.

The October jobs report also revised numbers for the last two months, The Associated Press reported, with 84,000 being added in total. Since July, employers have generated an average of 173,000 jobs a month, up from 67,000 a month from April through June.

Despite the gains in employment, the unemployment rate still ticked up to 7.9 percent from 7.8 percent the previous month, giving President Barack Obama the highest unemployment of any president seeking re-election since Franklin Roosevelt.

Investors responded well to the October jobs report, The Associated Press noted. The Dow Jones industrial average futures were flat before the report’s release 8:30 am EDT, but, within minutes, they climbed 30 points.

Job gains during October took place across most industries. The percentage of Americans working or looking for work also increased, causing the rise in the unemployment rate, which only counts Americans looking for work.

Mitt Romney criticized the report and Obama, The Huffington Post noted. He released a statement blaming Obama for the economy:

“Today’s increase in the unemployment rate is a sad reminder that the economy is at a virtual standstill. The jobless rate is higher than it was when President Obama took office, and there are still 23 million Americans struggling for work. On Tuesday, America will make a choice between stagnation and prosperity. For four years, President Obama’s policies have crushed America’s middle class. For four years, President Obama has told us that things are getting better and that we’re making progress. For too many American families, those words ring hollow. We can do better. We can have real economic growth, create millions of good-paying jobs, and give middle-class families the security and opportunity they deserve. 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.”

The October jobs report shows a positive trend for Obama however. He has now presided over 25 consecutive months of job gains, and there are 580,000 more jobs in total than when he first took office.

Comments