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US Adds 171K Jobs; Unemployment Rate Rises to 7.9%
The last major economic report before Americans head to the polls shows hiring accelerated in October. That's welcome news for more than 12 million unemployed1 Americans, and for a president fighting to keep his job. President Barack Obama told supporters in Ohio that since July the private sector2 has added more than 170,000 jobs each month.
"And today our businesses have created nearly 5 1/2 million new jobs. And this morning we learned that companies hired more workers in October than at any time in the last eight months," said Obama.
But the improving outlook is just one aspect of the government report. Despite upward revisions to job numbers in August and September, the nation's unemployment rate inched higher to 7.9 percent as more people started looking for work.
Republican challenger Mitt3 Romney said the report was further proof of an economy at a virtual standstill. He accused the president of falling short on his promises.
"He said he was going to lower the unemployment rate, down to 5.2 percent right now. Today we learned that it's actually 7.9 percent. And that's 9 million jobs short of what he promised," said Romney.
Since World War II, no U.S. president has ever won re-election with unemployment above 7.4 percent. The White House says the new report, though, is further evidence that the economy is healing from the worst downturn in decades. Still, the latest job numbers are unlikely to sway voters.
ABC News political analyst4 Matthew Dowd said most Americans already have made up their minds.
"The perceptions of the economy are already baked in [already set]. At this point in the game, the last six months of what's happened - in the last six months in the economy - are baked into perceptions," said Dowd.
Despite the better-than-expected job numbers, lingering signs of economic weakness remain. Average hourly pay declined in October, and paychecks have not kept pace with inflation.
After an initial bounce on Wall Street, stock futures5 fell more than one percent, as investors6 worried about a deepening recession in Europe and a looming7 budget crisis in the U.S.
1 unemployed | |
adj.失业的,没有工作的;未动用的,闲置的 | |
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2 sector | |
n.部门,部分;防御地段,防区;扇形 | |
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3 mitt | |
n.棒球手套,拳击手套,无指手套;vt.铐住,握手 | |
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4 analyst | |
n.分析家,化验员;心理分析学家 | |
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5 futures | |
n.期货,期货交易 | |
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6 investors | |
n.投资者,出资者( investor的名词复数 ) | |
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7 looming | |
n.上现蜃景(光通过低层大气发生异常折射形成的一种海市蜃楼)v.隐约出现,阴森地逼近( loom的现在分词 );隐约出现,阴森地逼近 | |
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