The U.S. economy added 171,000 payroll jobs in October the Bureau of Labor Statistics said. That’s more than economists expected.
On top of that, the labor market was healthier in previous months than we’d originally thought.
The slowly improving jobs picture is one that could enhance President Barack Obama’s re-election chances.
Interestingly, the unemployment rate inched up to 7.9 percent from 7.8 percent in September as more workers resumed job hunts.
Black unemployment rose from 13.4 to 14.3 percent and African-American teen joblessness rose to a dramatic high of 40.5 percent.
Since July, the economy has created an average of 173,000 jobs a month, up from 67,000 a month from April through June.
Still, Obama will face voters in Tuesday’s election with the highest unemployment rate of any incumbent since President Franklin D. Roosevelt. The rate ticked up because more Americans without jobs started looking for work. The government only counts people as unemployed if they are actively searching.
Investors were pleased by the news. The Dow Jones industrial average futures were flat before it came out at 8:30 a.m. EDT (1230 GMT), and within minutes they were up 30 points.
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