Unemployment rises to 7.9 percent; 171K jobs added
Quote :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.
Dow Jones 13,180.01 -52.61 (-0.40%)
I'm sure they tried hard not to let this unemployment number go up.. but honestly, it was inevitable. Now if it would've went to 8% I'm sure the GOP would be pouncing all over it..