U.S. jobless rate climbs to 7.9 percent; 171,000 jobs added

The U.S. unemployment rate rose to 7.9 percent in October as the nation added 171,000 jobs.

The federal Bureau of Labor Statistics report also revised the number of jobs created in September to add another 34,000, increasing the number to 148,000. The August jobs number was revised upward to show 192,000 jobs created.

The October employment report solidified the picture of the U.S. job market that's emerged this year: Companies are hiring steadily, but cautiously. And unemployment remains high.

"It seems to me if the folks who are working for Gov. Romney were hoping the story this weekend would be the deteriorating U.S. economy and the declining jobs situation, then they've got to be disappointed this morning about that," said Michael Goodman, public policy professor at the University of Massachusetts at Dartmouth. "I don't think anybody looks at the employment situation in the United States and says, 'we're out of the woods,' but certainly this data and the data over the last couple of years suggests we've been slowly and steadily moving in the right direction. ... We're adding jobs; people are returning to the work force. This is a stronger report than I expected. It's very encouraging."

Today's report is the last broad snapshot of the economy before Tuesday's presidential election. President Barack Obama still faces voters with the highest unemployment rate of any incumbent since Franklin Roosevelt.

In 1976, President Gerald Ford lost to Jimmy Carter when unemployment was 7.8 percent.

A weaker jobs report would have provided more ammunition for GOP challenger Mitt Romney, who has charged that Obama's policies have held back the economic recovery.

On the other hand, Obama might benefit from recent declines in unemployment. The 7.8 percent rate in September was the lowest since Obama entered office in January 2009. The rate dropped by a half-point in just August and September.

Yet it's unclear how much political effect any economic report will have. By this point, all but a few voters have made up their minds, particularly about the economy.

"People have given this a lot of thought," said Andrew Kohut, president of the Pew Research Center. "One report ... is unlikely to affect their view of whether Obama has done a good job with the economy or if Romney would do a better job."

The number of Americans employed part time for economic reasons — often because they cannot find full-time work — fell by 269,000 to 8.3 million in October, according to the BLS report.

The recent drop in unemployment has heartened consumers, who are more confident and spending more. That's providing much-needed support to the still-weak economy.

The Conference Board said yesterday that its index of consumer confidence surged to 72.2 in October, its highest level since February 2008, two months into the Great Recession.

The index is still below the level of 90 that's consistent with a healthy economy. But it's far above its all-time low of 25.3 in February 2009, in the midst of the financial crisis.

Americans are buying more big-ticket items, like cars and appliances. Auto companies reported steady sales gains last month despite losing three days of business to the storm in heavily populated areas of the Northeast.

Yet businesses remain nervous about the economy's future course. Many are concerned that Congress will fail to reach a budget deal before January. If lawmakers can't strike an agreement, sharp tax increases and spending cuts will take effect next year and possibly trigger another recession.

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