According to today’s Labor Department report the unemployment rate for the month of October rose to 7.9%. Following September’s 7.8% jobless rate, it appears to be bad news for the Obama administration just 4 days out from the election. On the other hand, 171,000 new jobs were added in October which bodes well for the President. The stock market seemed to respond well to the report this morning, however having been closed for two days this past week, it may be the case that the market received a bump just for being open.
News reports this morning indicate most media outlets will be spinning the jobs report as a positive for the administration. Others believe that the report is good for both sides but ultimately will not have any bearing on the election or the state of the economy. The conflicting report didn’t stop the Obama administration from celebrating, however, as tweeted by Scott MacFarlane this morning.
US Labor Secretary just bounced into studio with a big smile.Handed out candy to reporters.Loves job numbers twitter.com/MacFarlaneNews…
— Scott MacFarlane (@MacFarlaneNews) November 2, 2012
The Romney camp took a different approach, releasing the following statement:
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.
Which approach is right? We’ll get the answer next Tuesday.