Jobs Report

HuffPo – Jobs Report: U.S. Economy Adds 114,000 Jobs In September; Jobless Rate Down To 7.8 Percent

Jobs Report Unemployment Rate

The funny thing about today’s jobs report is that at least one pundit on the GOP side is quite upset over it.

The Huffington Post

The U.S. unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years and giving President Barack Obama a potential boost with the election a month away.

The rate declined from 8.1 percent because the number of people who said they were employed soared by 873,000 – an encouraging sign for an economy that’s been struggling to create enough jobs.

The number of unemployed Americans is now 12.1 million, the fewest since January 2009.

The Labor Department said employers added 114,000 jobs in September. It also said the economy created 86,000 more jobs in July and August than the department had initially estimated.

Wages rose in September. And more people started looking for work.

The revisions show employers added 146,000 jobs per month from July through September, up from 67,000 in the previous three months.

The 7.8 percent unemployment rate for September matches the rate in January 2009, when Obama took office. In the months after Obama’s inauguration, the rate rose sharply and had topped 8 percent for 43 straight months.

The decline in the unemployment rate comes at a critical moment for Obama, who is coming off a weak debate performance this week against GOP challenger Mitt Romney.

The September employment report may be the last that might sway undecided voters. The October jobs report will be released only four days before Election Day.

“An overall better-than-expected jobs report, consistent with most recent data that suggest the economy is gaining some momentum,” said Sal Guatieri, an economist at BMO Capital Markets, in a note to clients. “The sizeable drop in the unemployment rate could lift the president’s re-election chances following a post-debate dip.”

Labor Secretary Hilda Solis was asked on CNBC about suspicions that the Obama administration might have skewed the jobs numbers to aid Obama’s re-election prospects.

“I’m insulted when I hear that because we have a very professional civil service,” Solis said. “I have the highest regard for our professionals that do the calculations at the (Bureau of Labor Statistics). They are trained economists.”

After the jobs report was released, the Dow Jones industrial average gained 65 points in the first half hour of trading. Broader stock indexes also rose.

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Jobs Report Covered Through 2012 Election Lens, Media Not Focused On Impact To American People

Jobs ReportIn my opinion, the media needs to report the real news and not just what’s happening in Washington or who gave the most millions to the latest super-pac.

So yes, I completely agree with the HuffPo’s Michael Calderone‘s article…

The Huffington Post

Romney’s up. Obama’s down.

That’s the takeaway from much of Friday’s media coverage of another disappointing monthly jobs report and unchanged unemployment number of 8.2 percent. Like clockwork, political reporters quickly sized up whether the addition of 80,000 jobs in June would help or hurt President Barack Obama’s chances of keeping his own job, rather than the broader impact on millions of unemployed Americans.

The Washington Post‘s Chris Cillizza tweeted that June’s number presents a “major political problem for Obama.” He later suggested in a blog post that any hope the president “will be able to run for reelection bolstered by an improving financial picture is rapidly disappearing.”

Kicking off MSNBC’s “The Daily Rundown,” host Chuck Todd said that “another disappointing jobs report puts more pressure on the president with just four months until election day.” On Twitter, Politico’s Ben White said the report is “not good news for Obama.”

In covering the campaign horse race, reporters often make snap judgements following statements, reports, or “gaffes” that are mostly forgotten days later amid the stream of non-stop election coverage.

Earlier this week, the consensus among reporters was that Team Romney was down, following adviser Eric Fehrnstrom’s comment that the individual health care mandate is a “penalty” rather than a “tax.” Similar to health care — where the media focused more on the politics of the bill rather than its contents — the jobs numbers could be reduced to a win or loss in a long election season.

But as the summer holiday week came to a close, Team Obama was on the defensive, as Friday’s news was ruled a tough blow for the president — at least according to the news media.

“The U.S. unemployment rate remained flat in June, which is bad news for President Obama,” began an ABC News piece.

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