How Obama and Romney are spinning the same job number in opposite ways
Was it 26 months of growth, or another sign of a weak recovery? Erica Alini explains
U.S. President Barack Obama (R) and Republican Presidential nominee Mitt Romney shake hands at the conclusion of the final presidential debate at Lynn University in Boca Raton, Florida October 22, 2012. REUTERS/Kevin Lamarque (UNITED STATES – Tags: POLITICS ELECTIONS USA PRESIDENTIAL ELECTION)
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The much-anticipated October jobs report, the last major economic release before Nov. 6, is out and it continues to show a U.S. economy slowly edging forward on the path of recovery. At 171,000, the number of jobs added last month beat expectations, which were hovering around a gain of 125,000 payrolls. The politically important unemployment rate, however, edged up a tick, rising to 7.9 per cent from 7.8 per cent in September, likely a sign that discouraged job seekers are looking for work again.
None of this challenges the candidates’ narratives on the state of labour market, which run more or less like this:
