All eyes on jobs report

Today's October jobs report will be the last — and loudest — word on the U.S. economy before Election Day, but experts say it still may not produce a clear-cut presidential winner in the minds of undecided voters.

Both President Obama and GOP nominee Mitt Romney will spin the numbers to their own advantage, said Elliot Winer, chief economist for the Northeast Analyst Group.

"If it turns out to be something positive, then (Mitt) Romney's people can still say it's ... far short," Winer told the Herald. "If the report turns out to be worse, (President) Obama can point to the fact we're still adding jobs and we're on the right track."

Economists estimate the report will show 135,000 jobs were added in October even as applications for U.S. jobless aid fell by 9,000 this week, and U.S. manufacturing and automobile sales rose for October.

While it's not "out of reach" for the economy to have added 250,000 jobs last month, Northeastern University economist Alan Clayton-Matthews said other economic indicators, such as the gross domestic product and consumer spending, show the economy growing at a slower pace.

"Someone would have to be a little bit out of touch with reality to think one indicator shows we've got enormous growth or we're about to fall into recession," he said, adding, "It would take a very dramatic employment report one way or the other to sway undecideds."

September's report showed the jobless rate dropping to 7.8 percent, which drew fire from conservatives, including former General Electric CEO Jack Welch. Today, the Labor Department could revise its September numbers.

If the unemployment rate falls well below September's figure, then Obama is poised to have "a quiet weekend," yet it still leaves the commander-in-chief with a jobs deficit of at least 4 million since first taking office, said David Tuerck, executive director of Suffolk University's Beacon Hill Institute.

"What matters is the number of jobs compared to the working age population," he said. "On that score, Obama's going to end up looking bad no matter what happens."

"(President Obama's) not going to be at ease over the weekend regardless of whatever the numbers are," said Clayton-Matthews. "This election fight, which is largely centered on the economy, will go down to Election Day."

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