Friday, November 2, 2012

US Economy Adds 171,000 Jobs

The US Economy added 171,000 jobs in October, and there was more hiring in August and September than initially thought.  The unemployment rate did increase slightly to 7.9 percent from 7.8 percent in September,  Statesman.com reports.
 
In the last 4 months, 173,000 jobs, on average, have been created a month.  That's a large increase from the 67,000 created monthly in April through June. However, the President still faces voters on Tuesday under the cloud of the highest unemployment rate of any incumbent since FDR. 
 
The number of people in the work force, which includes both those with jobs and those looking for them, rose by 578,000.  410,000 more people said they were employed, but the number of unemployed people increased by 170,000 to 12.3 million.  The increase in the work force may be a sign that people are starting to see better job prospects, so that actually could be a positive aspect to the report.  The stock market certainly reacted favorably to the news.
 
The government also reported that 84,000 more jobs were added in August and September than was previously thought.  The economy has added jobs for 25 consecutive months and there are now 580,000 more than when President Obama became president.  The housing recovery is generating construction jobs, manufacturers are started to add jobs, and professional services, hotel and restaurants, and education and health care all added jobs.  The government got rid of 13,000 positions, after increasing employment for three months.
 
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