Friday, November 2, 2012

Associated Press: Mark Hamrick: 'US Economy Adds 171K Jobs, Rate Rises to 7.9 Pct'

Source:Associated Press- looks like a woman applying for a job.

"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 the Associated Press

The last jobs report before the 2012 general elections. A bad jobs report would've probably made President Obama's chances of getting reelected very difficult, even with the momentum he's built up since the Hurricane Sandy this week, with his poll numbers looking better in Virginia and. Florida. A bad jobs report would've looked like 50K jobs or even a bit more than that, with unemployment going back up to 8%. Especially if it were to go up in these swing states, Virginia, Ohio, Michigan, Wisconsin. 

A good jobs report like today, 171K jobs created in. October, are the best number in like thirty months. This jobs report doesn't guarantee that President Obama will be reelected, but it builds on the momentum that he built this week and probably makes Ohio and Virginia look better. And make it more difficult for Mitt Romney to pull out Ohio or pickoff Pennsylvania, Michigan or Wisconsin. And this is just the politics of the jobs report.

The economics of this report are that it's another positive sign, along with the economic growth picking up last quarter, consumer confidence picking up as well, which means Americans are ready to spend money again, which means we'll probably see a boost in economic growth in the next quarter. Especially with the holiday season coming up. So it looks like 2013 could look very good economically for the United States when it comes to economic and job growth, whoever the President is.

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