In August, I wrote the following regarding the monthly jobs reports:
Not much to see here. Really. The full takeaway is an improved report compared to the poor prior months but there is softness underneath the top-line results in a continuing weak economy. Regarding political implications, due to the current weak state in the economy, this jobs report and the next three before the election will only confirm preconceived views on the economy and/or the President absent a breakout report (high or low) above 200-250k or below 0.
Today’s non-farm payrolls number was 177k jobs added but the unemployment rate rode to 7.9%. Republicans will spin that the unemployment rate is higher than when Obama took office and even worse if you factor in those who dropped out of the workforce. Democrats will spin the recovery continues apace, albeit slow. Bottom line: jobs, economics, recovery all all fully baked into the cake. At this late juncture voter enthusiasm, turnout and avoiding a meltdown (Bush DUI, Benghazi?) are likely the only things that will affect Tuesday’s results.
Here are some smart takes on the jobs report:
It’s hard to write about this report and not have it seen through a political prism, and, yes, these numbers were pretty good, but the difference between 125,000 jobs added and 171,000 added, in a work force of 155 million someodd people, is statistically insignificant. What matters are wages. Our David Wessel just pointed out that over the past year, wages are up 1.6%, consumer prices are up 2%. — Paul Vigna, Wall Street Journal
September payrolls were revised to a gain of 148,000 from an initially reported 114,000, and August to 192,000 from 142,000. The U6, which is a broader measure of unemployment including job seekers as well as those stuck in part-time jobs, fell one-tenth of a percentage point to 14.6% in October. — Steven Russolillo