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Title: Last jobs report before election shows economy in 'virtual standstill'
Source:
fox
URL Source: http://www.foxnews.com/politics/201 ... rcent-economy-add-171000-jobs/
Published: Nov 2, 2012
Author: staff
Post Date: 2012-11-02 11:11:52 by calcon
Keywords: None
Views: 2331
Comments: 4
The final monthly jobs report before Election Day offered a mixed bag of economic evidence that quickly became political putty for the presidential candidates, with the unemployment rate ticking up to 7.9 percent but the economy adding a better-than-expected 171,000 jobs. At the same time, the number of unemployed grew by 170,000, roughly the same amount -- to 12.3 million. The October numbers allow President Obama to argue the economy is technically growing under his watch. But they also allow Mitt Romney to argue that the new jobs are not making much of a dent in the unemployment problem. Both campaigns quickly set to work putting their spin on data that, if nothing else, underscores the slow pace of the recovery. "Today's increase in the unemployment rate is a sad reminder that the economy is at a virtual standstill," Romney said in a statement. "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." Former Bureau of Labor Statistics chief Keith Hall told Fox Business Network that at this rate, "we're still talking nine or 10 years" before the economy gets back to normal. But Obama, speaking in Hilliard, Ohio, pointed to the report as another sign the economy is moving in the right direction, despite the challenges remaining. "We've made real progress, but we are here today because we know we've got more work to do," Obama said. "As long as there's a single American who wants a job and can't find one, as long as there are families working harder but falling behind ... our fight goes on." Alan B. Krueger, chairman of the White House Council of Economic Advisers, said "today's employment report provides further evidence that the U.S. economy is continuing to heal from the wounds inflicted by the worst downturn since the Great Depression." The numbers stand as the last major economic report before Election Day, capping what has effectively been a two-year campaign focused largely on jobs -- or the lack of jobs. The prior September jobs report came as a surprise, showing the unemployment rate dropping to 7.8 percent, dipping below 8 percent for the first time since Obama took office. However, economists on both sides of the aisle questioned the accuracy of the number, and Republicans continued to claim that job growth is not nearly where it needs to be. The October report showed the rate ticking up in part because more people were joining the workforce. The report reflected growth across a number of sectors, including health care and retail and construction. Mining, though, lost 9,000 jobs last month. And average hourly earnings dropped by a penny, to $23.58. Obama has said all along that there's more work to do, but has argued that electing Romney would turn back the clock on the recovery. Still, the president said shortly after taking office that failing to right the economy in three years would mean a "one-term proposition." Ohio Sen. Rob Portman, a top Romney surrogate, reminded voters that the 7.9 percent rate is far higher than what the administration initially predicted. "He promised sweeping reforms that would boost our hurting economy, including a trillion dollar stimulus package that would reduce unemployment to 5.4 percent and policies to reduce the deficit in half by now," he said. Romney has called for a new course, and has described the president as out of ideas. On Thursday, he repeatedly mocked Obama for proposing a so-called Department of Business. "I just don't think another Cabinet chair is going to create the jobs that America needs," Romney said in Doswell, Va., part of a daylong swing through the battleground state. Romney plans to hit rallies in both Wisconsin and Ohio on Friday. Obama will attend three campaign events in Ohio. Read more: www.foxnews.com/politics/...71000-jobs/#ixzz2B4vHzx9s
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#1. To: calcon (#0)
The President said unemployment rate would be under 8% and by God it is! {{{chuckle}}}
It is not easy reconstructing 'molded minds'... By: Jim Hoft 8/3/2012 08:56 PM RESIZE: AAA Print 11 Back in February 2009, the Obama Administration promised the American public that after their nearly trillion dollar stimulus too effect, the unemployment rate would drop down to 5.3% at the end of his first term.
Factcheck: Romney says Obama “said by now [unemployment] would be down to 5.4 percent.” But Romney is referring to a speculative report issued at the beginning of Obama’s presidency containing projections — not promises. Those projections relied on prevailing economic models that quickly proved to have underestimated the depths of the recession at that time. http://factcheck.org/2012/09/romneys-stump-speech/
It is not easy reconstructing 'molded minds'... Romney says Obama “said by now [unemployment] would be down to 5.4 percent.” But Romney is referring to a speculative report issued at the beginning of Obama’s presidency containing projections — not promises. Those projections relied on prevailing economic models that quickly proved to have underestimated the depths of the recession at that time. http://factcheck.org/2012/09/romneys-stump-speech/ And probably written by the Bush administration and passed on as an act of good faith.
Almost every country in the Middle East is awash in oil, and we have to side with the one that has nothing but joos. Goddamn, that was good thinkin'. Esso posted on 2012-01-13 7:37:56 ET
#2. To: Brian S (#1)
#3. To: calcon (#2)
#4. To: Brian S (#3)
Factcheck:
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