Word today that the October jobless rate ticked up a bit to 7.9 percent from 7.8 percent in September will trigger media to discuss whether it benefits President Barack Obama or Mitt Romney with Election Day just four days from now, notes Grumpy Editor.
The U.S. Bureau of Labor Statistics reported the unemployment rate last month at 7.9 percent compares with 7.8 percent in September and 8.1 percent in August.
At the same time, BLS said employers added 171,000 jobs in October.
That compared with 114,000 positions originally reported in September but the figure was later revised upward to 148,000.
Bulk of October’s job creation stemmed from the services category which accounted for a gain of 150,000, said BLS.
A month ago, with the sudden 0.3 percent drop in September’s unemployment rate from August, some eyebrows were raised.
Most noteworthy reaction to September’s tally came from Jack Welch, former General Electric CEO who, in an initial tweet ("Unbelievable jobs numbers…these Chicago guys will do anything...can't debate so change number”) and later on television appearances, suggested manipulation.
With today’s figures, Associated Press writer Christopher S. Rugaber noted, “Still, President Barack Obama will face voters with the highest unemployment rate of any incumbent since Franklin Roosevelt.”
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