The U.S. Non-Farm Payrolls report came out this morning with a boom, coming in well above expectations, with 171,000 new jobs being added to the economy.
While there were more jobs added to the economy, unemployment still rose, according to the Labor Department. More people resumed their search for a job, which meant they were then added to the labor statistics. Because of this, the unemployment rate rose to 7.9 percent, after falling to 7.8 percent in September.
This is the last report to come out before the presidential election next Tuesday. Reuters noted that both candidates will attempt to capitalize on the report. Reuters added that Romney, who has made jobs and the U.S. economy the center of his campaign, stands poised to note that even sustained gains of 171,000 jobs per month would make for an extremely slow recovery. The jobless rate in the U.S. still remains 3 percentage points above its pre-recession level.
An estimated 12.3 million people remain unemployed. Of that number, 41 percent have been out of work for more than six months.
In the release, the Labor Department noted that Hurricane Sandy had no discernable effect on the employment and unemployment data for October as the survey data was completed before the storm, "and establishment survey data collection rates were within normal ranges."