Posted on 11/01/2012 9:31:57 PM PDT by Steelfish
Jobless Rate Seen Rising, Offering Obama No Relief REUTERS November 2
WASHINGTON (Reuters) - The U.S. unemployment rate probably rose in October as employers stepped up hiring only slightly, underscoring President Barack Obama's vulnerability in next week's presidential election.
Employers likely added 125,000 jobs to their payrolls last month, according to a Reuters survey of economists. That would be up from 114,000 in September, but would fall short of what is needed to quickly cut the jobless rate.
Indeed, economists expect the unemployment rate -- a key focus in the neck-and-neck race for the White House -- to tick up by a tenth of a percentage point to 7.9 percent, reversing part of a surprise drop seen in September.
The Labor Department's closely watched report, which will be released at 8:30 a.m. (1230 GMT) on Friday, will be the last major report card on the economy before Tuesday's presidential election, which pits President Obama against Republican Mitt Romney.
If economists are right, it will show the eighth straight month of lackluster job growth, a worrisome trend that would likely reinforce the Federal Reserve's resolve to keep easy money policies in place until the economy shows more vigor.
"The weakness in overall economic growth momentum has extended into the last quarter of the year," said Millan Mulraine, an economist at TD Securities in New York.
Romney has made the nation's feeble jobs market, which has plagued Obama since he took office in 2009, the centerpiece of his campaign. The latest Reuters/Ipsos daily tracking poll showed Obama and Romney in a dead heat.
Still, the report could provide fodder for both candidates. Some economists have noted an increase in the jobless rate might have a silver lining if it is driven by Americans pouring into the labor market to restart job hunts.
(Excerpt) Read more at nytimes.com ...
“...economists expect the unemployment rate — a key focus in the neck-and-neck race for the White House — to tick up by a tenth of a percentage point to 7.9 percent, reversing part of a surprise drop seen in September.”
Don’t you believe it. With this type of article the MSM is setting it up for an “unexpected” drop. I’m sure they’ve been leaked the number.
The New York Times is scared people might actually look for a Job
Jobs report and resumption of Gallup polling report on Friday. Maybe more Libya bombshells. Could be fun riding into the last weekend.
But most likely, the cake is baked at this point. At least as far as issues go. Now it’s about closing arguments and GOTV.
If the Jobless rates moves a half point either way, that might have an impact. But I don’t think most americans trust the U3 report anymore. They can see and feel what the economy is really like. They don’t need a government report.
Scary! But if by any chance this NYT report is true and the numbers have inched upwards, Romney is gonna have a blast about “FORWARD”
If this number goes up, Obama is even darker burnt toast than he already is.
That said, all these employment numbers are pure fiction to begin with.
Going back to 8 would be something.
Somehow we've got to reduce the ability of politicians to buy votes this way.
Better get your waders on, as the amount of bullsh t spewed in the next few days by the CTA(Chicago Tamper Authority)will be nothing short of a tsunami.
I agree with you. Last month it was expected that the U3 rate would stay at 8.1%, or even rise to 8.2%, by these same people. Everyone was shocked with the ridiculous drop.
Gallup today has already set this up for a drop. So it will likely tick down from 7.8 to 7.7 or even 7.6%. While people could suspend disbelief last month they will not accept an artificial number of 7.5% or less.
But the impressions of Obama are baked in. This will not move the needle. People are cynical about everything he does.
They’ll just leave California out again if it gets close. I wouldn’t expect anything less since I am now part of the numbers (for the first time ever after 30+ years working after college).
Sorry CatOwner
Hope the job scene turns around for you soon.
Good Luck
September’s numbers have already been adjusted down, from 114,000 to 88,000, IIRC. This is all manipulated BS, and we know it. Whatever the number is tomorrow, it will be adjusted down next month, but the ‘unemployment’ number decrease will already be recorded with the mindless drones and the Lamestream Media as an Obama victory...headed in the right direction, don’t give up now and return to the failed policies of Bush, blah, blah, blah.
Did California ever get around to turning in their numbers?
Did the DOL ever adjust the percentage point for California if they did?
The number is most likely going to be favorable to Obama, lower unemployment rate with 120,000 new jobs. 7.6 or 7.7 percent with a workforce participation drop.
Nah. Im the most cynical person on this website and I don’t think it’s a conspiracy. Other places have reported it’s gonna tick up too. We’ll see but I do think the report will not be good news for zer0 hence the reason they wanted to wait until after the election until they got heat.
Gallop is saying its going to be 7 percent..anyone who actually believes this deserves to have Obama
I thought exactly the same thing - that this is a setup. Make it seem like the ultra horrible is expected, so that when horrible is announced, it can be reported as good.
I also recall seeing positive news like this being trumpeted as far as what was being “expected” to create positive news when the actual news ended up being negative in the end.
Bs. They will claim an unexpected drop to 7.4. Of course, they will retroactively add 100,000 jobs retroactively to 1q and 2 q 2012 to fudge the numbers.
This from Reuters via the NY Times:
http://www.nytimes.com/reuters/2012/11/02/business/02reuters-usa-economy-jobs.html?hp&_r=0
Jobless Rate Seen Rising, Offering Obama No ReliefBy REUTERS
Published: November 2, 2012 at 12:06 AM ET
WASHINGTON (Reuters) - The U.S. unemployment rate probably rose in October as employers stepped up hiring only slightly, underscoring President Barack Obama’s vulnerability in next week’s presidential election.
Employers likely added 125,000 jobs to their payrolls last month, according to a Reuters survey of economists. That would be up from 114,000 in September, but would fall short of what is needed to quickly cut the jobless rate.
Indeed, economists expect the unemployment rate — a key focus in the neck-and-neck race for the White House — to tick up by a tenth of a percentage point to 7.9 percent, reversing part of a surprise drop seen in September.
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