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Saturday, November 3, 2012

U.S. creates 171,000 jobs but unemployment picks up one tenth to 7.9%


Barack Obama on Friday received bad news for the race for reelection . Official figures revealed that the unemployment rate rose in October tenth to 7.9%. A percentage that underscores the economic recovery anemia and contradicts the president's economic message, he inherited one tenth less unemployment in his inauguration in January 2009. But the numbers were not positive news for Mitt Romney , whose environment did vote for a rate of over 8% to let him use the figure in the final stretch of the campaign as a clear symptom that the economy does not end better. The U.S. economy created about 171,000 jobs in October. A figure higher than experts predicted but insufficient to reduce the unemployment rate on the eve of the election figure. Economists surveyed by Bloomberg predicted that the U.S. would create between 114,000 and 125,000 jobs. One down from the 148,000 that were created in September according to the official report of the Administration. Experts attribute the contradiction between the rise of the unemployment rate and the creation of 171,000 jobs a fact that there are more Americans who want a job. Some because they are incorporated for the first time to the labor market and other re-search because the parentheses after the recession. The report published today shows that the economy created in August and September more than 84,000 jobs that were announced at the time. These figures are explained in the light of the improvement in consumer confidence, which have helped sustain the modest expansion in the United States despite the polarization in Washington and the worsening global economy. The stores hired more workers than any other month since April 2011 and the rise in house prices boosted improving employment in the construction sector. The economic problems in the euro zone and uncertainty over the election results led some sectors to cut their investments dwindled and just one tenth the rate of underemployed persons (14.6%), which adds to those working fewer hours than they would like , who are unemployed and those who have stopped looking.

Inheritance

The president inherited an unemployment rate of 7.8% and tried to reduce it to an ambitious fiscal stimulus plan . Some economists believe that his policies helped contain the damage from the recession.Others recall that unemployment remained above 8% for 43 months during his tenure: the longest period in the last half century. Since World War II, only Ronald Reagan was reelected with the unemployment rate above 6% . Then unemployment touched 7.2% and had decreased three points in 18 months. A time period in which Obama has just reduced unemployment by 1.1%. The president usually compare their policies with those of Franklin D. Roosevelt : the only president who was reelected with unemployment over 8% in the last 100 years. Roosevelt won the election of 1936 with a rate of 16.6% and 1940 with a percentage of 14.6%. But he had an ace in the hole that Obama has not: could boast of having reduced unemployment to economic policy. Something that could also mean Reagan, who inherited a rate of 7.5%. Unemployment is not always a good indicator as to who will prevail in the race for the White House. Richard Nixon was reelected despite an unemployment rate that had increased nearly two points over his first term.The percentage also increased in the first mandates of Dwight Eisenhower and George W. Bush did not prevent both a triumph in the race for reelection. Romney said Friday his reaction to the October unemployment figures with a statement that presents them as a reminder of the country's economic problems. "The unemployment rate is higher than when President Obama took office and there are still 23 million people struggling to find jobs," Romney said. "On Tuesday, Americans will choose between stagnation and prosperity. During four years, Obama has told us that things are getting better but we can do better. We can have real economic growth and create millions of good paying jobs."

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