I must say that I"m surprised the Obama Department of Labor released job numbers this close to the election, especially with the rumors abounding that the numbers would be held till after the election. However, the numbers show a slight increase moving from 7.8% to 7.9% and the jobs market is pretty much stagnant with only 171,000 jobs added, while 170,000 new jobless claims were filed. This is hardly a huge recovery.
Economists had predicted unemployment would rise to 7.9%, with 121,000 jobs added, below average for the year. The October report is the last before the election next week.
Expectations had been mixed, partly because of a modest decline in first-time jobless claims over the month, and partly because ADP, which measures payrolls, had reported an increase of 158,000 private sector jobs over the past month--all while revising September jobs numbers dramatically downward due to a new methodology.
Strikingly, black unemployment rose sharply from 13.4% in September to 14.3% last month. In January 2009, black unemployment had been 12.6%.
As far as the two major candidates are concerned both have their points they can make on the report. The numbers allow Obama to technically claim the economy is growing, however small that growth is. On the other hand it allows Mitt Romney that the miniscule amount of jobs being created in light of those who are without jobs is not making much of a dent in the unemployment problem.
In fact, Romney put out a statement to this effect. "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. ... 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."
Well it won't take much to make the next four years better than the last four.
What's even more disturbing are the real unemployment numbers. CNS News reports,
The so-called real unemployment rate fell slightly in October, going from 14.7 percent to 14.6 percent, according to a report from the Bureau of Labor Statistics Friday.
This rate is a more comprehensive picture of those who are unemployed or underemployed.
Known as the U-6 rate, this measure combines those traditionally counted as unemployed, those counted as underemployed – holding part-time jobs for economic reasons, and those marginally attached to the labor force.
It is considered a more comprehensive measure of the employment pictures because it includes those two additional figures along with the traditional unemployment rate – giving a more thorough look at the impact of the economy on employment.
The real issue is that Barack Obama promised to get unemployment down to 5.4% through doling out our money in "stimulus." That has been a tremendous failure. As a result, the unemployment numbers are actually higher than they were when he took office. Unemployment was 7.6% on the day he was inaugurated.Don't forget to Like Freedom Outpost on Facebook, Google Plus, & Twitter. You can also get Freedom Outpost delivered to your Amazon Kindle device here.