President Barack Obama got some good news as we head into Tuesday’s election day. Employers added 171,000 people to their payrolls last month, the Labor Department said on Friday. The government also said 84,000 more jobs were created in August and September than previously estimated.
The jobless rate edged up a tenth of a point to 7.9 percent, but that was due to workers surging back into the labor force. Only people who are looking for a job count as unemployed.
The data came out stronger than expected. This is the last major report card on the economy before Tuesday’s presidential election. Polls show Obama and Republican Mitt Romney locked in a dead heat in a race in which the nation’s feeble jobs market has been front and center.
Despite the political wrangling, the impact of the report on the election could be muted as most voters’ perceptions on the economy are likely mostly fixed by now. However, the jobs report could make it more difficult for Romney to drive his message home.
While the rise in the jobless rate was expected, the increase in payrolls beat even the most optimistic forecast in a Reuters poll. U.S. stocks opened higher but then turned down, while the dollar strengthened and prices for U.S. government debt were little changed.
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