Bottom line: 171,000 new jobs added in October. The unemployment rate ticked up from 7.8% to 7.9% because more people rejoined the labor force – per Neil Irwin, the WaPo’s economics reporter, “unemployment rate rose, but for good reason. 578k people joined labor force, only 410k of them found jobs.”
Even better are the revisions: September was revised upward by 36,000 jobs (from 114K to 148K), and August by 50,000 (from 142K to 192K). That is the second upward revision of August’s numbers, which initially showed a disappointing 96,000 new jobs, and have since been revised upward to a pretty good 142,000 and now to a much better 192,000.
So guess what, folks? According to the numbers, the economy is recovering. Team Romney will of course try to spin this as a bad jobs report, but nobody will believe them, because it’s not. This report allows President Obama to spend the last days of the campaign hammering home the message that he’s been pushing hard over the last several weeks (months, for that matter): we’re heading in the right direction, and we should stick with what’s working rather than go back to what crashed the economy four years ago.
Four days to go. Get out there and win.