M/cloudy
36°
M/cloudy
Hi 36° | Lo 23°

Solid job growth in last reading before election, but unemployment also inches up

  • In this Thursday, Oct. 25, 2012, photo, a sign attracts job-seekers during a job fair at the Marriott Hotel in Colonie, N.Y. According to government reports released Friday, Nov. 2, 2012, the U.S. economy added 171,000 jobs in October, and the unemployment rate ticked up to 7.9 percent. (AP Photo/Mike Groll)

    In this Thursday, Oct. 25, 2012, photo, a sign attracts job-seekers during a job fair at the Marriott Hotel in Colonie, N.Y. According to government reports released Friday, Nov. 2, 2012, the U.S. economy added 171,000 jobs in October, and the unemployment rate ticked up to 7.9 percent. (AP Photo/Mike Groll)

  • In this Thursday, Oct. 25, 2012, photo, a sign attracts job-seekers during a job fair at the Marriott Hotel in Colonie, N.Y. According to government reports released Friday, Nov. 2, 2012, the U.S. economy added 171,000 jobs in October, and the unemployment rate ticked up to 7.9 percent. (AP Photo/Mike Groll)

    In this Thursday, Oct. 25, 2012, photo, a sign attracts job-seekers during a job fair at the Marriott Hotel in Colonie, N.Y. According to government reports released Friday, Nov. 2, 2012, the U.S. economy added 171,000 jobs in October, and the unemployment rate ticked up to 7.9 percent. (AP Photo/Mike Groll)

  • In this Thursday, Oct. 25, 2012, photo, a sign attracts job-seekers during a job fair at the Marriott Hotel in Colonie, N.Y. According to government reports released Friday, Nov. 2, 2012, the U.S. economy added 171,000 jobs in October, and the unemployment rate ticked up to 7.9 percent. (AP Photo/Mike Groll)
  • In this Thursday, Oct. 25, 2012, photo, a sign attracts job-seekers during a job fair at the Marriott Hotel in Colonie, N.Y. According to government reports released Friday, Nov. 2, 2012, the U.S. economy added 171,000 jobs in October, and the unemployment rate ticked up to 7.9 percent. (AP Photo/Mike Groll)

The United States added a solid 171,000 jobs in October, and more than a half-million Americans joined the workforce, the latest signs that the uneven economic recovery is gaining strength once again.

In addition, more jobs were added in August and September than believed. But the unemployment rate inched up to 7.9 percent because not all those joining the workforce found work, the government said yesterday.

The report was the final snapshot of the economy before the presidential election.

“The economy is in a lot better shape than most people believe,” said Joel Naroff, president of Naroff Economic Advisors. “That sets us up for stronger growth next year no matter who is elected on Tuesday.”

A government survey of households found that 578,000 Americans joined the workforce in October, the Labor Department said. Of those, 470,000 found work. The difference is why the unemployment rate rose from 7.8 percent in September.

Home prices are finally rising, and retailers and car companies this week reported stronger sales. Consumer confidence in October reached its highest point in almost five years, and stocks are within reach of record highs.

Big businesses are still cautious, partly because of slowing global demand for their goods. But the report found that they continued to add jobs in greater numbers than they did last spring.

A second government survey, of large companies and government agencies, yielded the 171,000 number. Companies added 184,000 jobs, the most since February, and federal, state and local governments cut 13,000.

The report was compiled before superstorm Sandy struck the East Coast earlier this week and devastated many businesses. Some economists think the rebuilding in the Northeast will add to construction jobs in the months ahead.

Legacy Comments0
There are no comments yet. Be the first!
Post a Comment

You must be registered to comment on stories. Click here to register.