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Unemployment rate inches up to 7.9%

Posted By -NO AUTHOR- On 11/02/2012 @ 10:25 am In Front Page,Money,U.S. | No Comments

(WASHINGTON TIMES) Unemployment ticked up to 7.9 percent despite a better-than-expected job gain of 171,000 last month, the Labor Department reported Friday morning.

The last major economic report before Tuesday’s elections showed an economy on the mend and — in a surprise — a clear strengthening trend, with better-than-expected job growth in October and 84,000 more jobs than previously reported in August and September.

Still, President Obama will face voters with the highest unemployment rate of any incumbent since Franklin Roosevelt. The rate rose in October because more people began seeking work and were counted as unemployed. The government counts people without jobs as unemployed only if they’re looking for one.

 


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