Unemployment rises to 7.9 percent; 171K jobs added
WASHINGTON U.S. employers added 171,000 jobs in October and hiring was stronger over the previous two months than first thought. The unemployment rate inched up to 7.9 percent from 7.8 percent in September.
The Labor Department's last look at hiring before Tuesday's election sketched a picture of a job market that is gradually gaining momentum after nearly stalling in the spring.
Since July, the economy has created an average of 173,000 jobs a month, up from 67,000 a month from April through June.
Still, President Barack Obama will face voters with the highest unemployment rate of any incumbent since Franklin Roosevelt. The rate ticked up because more people without jobs started looking for work. The government only counts people as unemployed if they are actively searching.
Investors were pleased by the news. The Dow Jones industrial average futures were flat before it came out at 8:30 a.m. EDT, and within minutes they were up 30 points.
The yield on the benchmark 10-year U.S. Treasury note climbed to 1.77 percent from 1.72 percent, a sign that investors were moving money out of bonds and into stocks.
Most of the details in the report were positive. The government revised the jobs figures to show that 84,000 more jobs were added than previously estimated.
The gains in October were widespread across most industries. And the percentage of Americans working or looking for work rose for the second straight month.
The economy has added jobs for 25 straight months. There are now 580,000 more jobs than when Obama took office.
But there were also signs of the economy's ongoing weakness. Average hourly pay dipped a penny to $23.58. And the number of unemployed increased 170,000 to 12.3 million.
The department said Hurricane Sandy had no noticeable impact on the report.
The economy has picked up a bit in recent weeks, mostly on the strength of consumers. Americans are more confident and buying more big-ticket items, like cars and appliances. Auto companies reported steady sales gains last month despite losing three days of business to the storm in heavily populated areas of the Northeast.
Yet businesses remain nervous about the economy's future course. Many are concerned that Congress will fail to reach a budget deal before January. If lawmakers can't strike an agreement, sharp tax increases and spending cuts will take effect next year and possibly trigger another recession.
American companies are also nervous about the economic outlook overseas. Europe's financial crisis has pushed much of that region into recession and cut into U.S. exports and corporate profits.
Editor's note: This Associated Press article was posted minutes after the Labor Department released the October employment report. It has since been replaced by a staff-written report. You can find the latest report and reader comments here.
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HEADLINE: Unemployment rises to 7.9 percent; 171K jobs added
hummmmmm, now why would the unemployment rate rise when 171K jobs were added?
Could it be that more people are looking for work, which increases the participation rate?
Unemployment rises and you think that is a good thing and you call me silly little childish names???
The Job impact of the American Recovery and Reinvestimant Plan (Obama Stimulus)
Christina Romer & Jared Bernstein, Jan. 9, 2009
Page 4, clearly shows that unemployment should be just above 5% in the Q3, 2012.
http://otrans.3cdn.net/ee40602f9a7d8172b8_ozm6bt5oi.pdfhttp://otrans.3cdn.net/ee40602f9a7d8172b8_ozm6bt5oi.pdf
Just more and more lies from the manchurian canidate.
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Accurate date? Why don't you tell us what the unemployment rate would be using the same participation rate from Jan. 2009, when Pres. Bush left office?
Very simple question and anyone should be able to answer, will be waiting for your answer.
I will give you a head start:
The Facts
The labor force participation rate in January 2009 was 65.7, according to Bureau of Labor Statistics data. Had the rate remained the same, the labor force would be about 160,158,000. At the current employment level, the unemployment rate would be 10.7 percent.
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Thomas Jefferson made in a letter to John Taylor in 1816. He wrote:
"And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale."
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News Flash....The Democrats, including Senator Obama took over Congress in Jan. 2007, 18 months prior to the stock market crash.
$6 Trillion in new debt in not leading the country forward.
What got us into the mess in the first place is banks and individuals borrowing to much money, way beyond their means. Our Federal Government cannot print it's way out of this mess. The more money they print, the less our money we have earned is worth.
Bill Clinton Blames Democrats for Housing Mess
When asked a poignant question about Democrat claims that the sub-primes crisis was the fault of Republicans, Bill Clinton blames the bulk of the mess on Democrats in Congress blocking Republican as well as his reforms to Fannie and Freddie.
http://www.liveleak.com/view?i=757_1230443690
FirstEnergy lays off 142; 56 in Akron
November 1, 2012
FirstEnergy Corp. on Thursday laid off 142 employees, including 56 in the Akron area.
The plans for the layoffs, with no details, were originally disclosed in late September. At that time, the Akron-based electric utility said it would be conducting "an organizational study to determine how its work force should be aligned to best meet the challenges of the continued weak economy."
The company said then it expected to reduce its staff by 200; mostly in Akron, and that further reductions would be expected in 2013
http://www.ohio.com/news/break-news/firstenergy-lays-off-142-56-in-akron-1.346828
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"bush/cheney Great Recession"
You hyper partisan remarks will not go unnoticed. You have admitted several times and have pointed out yourself who was responsible for the Great Recession.
People like Jon Corzine, Jimmy Johnson, Franklin Raines, Jamie S. Gorelick, Rahm Emanuel, Chris Dodd & Barny Frank. The CEO's of CountryWide Financial, Lehman Brothers, Bern Sterns, Fannie, Freddie are ALL big time Democrat supporters and bundlers for Pres. Obama.
I have some more undisputed facts that prove this "Great Recession" was caused by the individuals you support and not Pres. Bush or VP Cheney.
Update: Fannie Mae and Freddie Mac Invest in Lawmakers
By Lindsay Renick Mayer on September 11, 2008 11:26 AM
When the federal government announced two months ago that it would prop up mortgage buyers Fannie Mae and Freddie Mac, CRP looked at how much money members of Congress had collected since 1989 from the companies.
All Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008
Name Office State Party Grand Total Total from PACs Total from
Individuals
#1 Dodd, Christopher J S CT D $165,400 $48,500 $116,900
#2 Obama, Barack S IL D $126,349 $6,000 $120,349
#3 Kerry, John S MA D $111,000 $2,000 $109,000
http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
Published: September 11, 2003
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac which together have issued more than $1.5 trillion in outstanding debt is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
http://www.nytimes.com/2003/09/11/business/new-agency-proposed-to-oversee-freddie-mac-and-fannie-mae.html?pagewanted=all&src=pm
Now go educate yourself on who and what political affiliations of James A. Johnson, Franklin D. Raines, Jamie Gorelick and Rahm Emanuel have in common?
Bill Clinton Blames Democrats for Housing Mess
When asked a poignant question about Democrat claims that the sub-primes crisis was the fault of Republicans, Bill Clinton blames the bulk of the mess on Democrats in Congress blocking Republican as well as his reforms to Fannie and Freddie.
http://www.liveleak.com/view?i=757_1230443690
"And the number of unemployed increased 170,000 to 12.3 million."
Huh?
Even "They" can't keep it straight!