According to reports, as many as jobs have been added to the nation's market, but is this a sufficient boost to the economy? With days away from the Presidential Elections, the Obama campaign are saying that this is a sign that the economy is bouncing back, while the Republican Nominee for President Mitt Romney is saying the economy is at a standstill.
The Labor Department announced Friday that 170,000 jobs were added to the economy. The unemployment rate, however, saw a point one percent increase since September when it was at 7.8 percent, while for October it is at 7.9 percent.
According to the Wall Street Journal, analysts had predicted that 125,000 jobs would be added for the month of October. The current report exceeds this prediction. Never the less Dow Jones Newswires predicted the unemployment rate spot on at 7.9 percent, as reported by the WSJ.
According to a report by CNN Money, 120,000 positions opened up, which signifies that there was an increase of hiring since last month. Senior Economist for the Center for American Progress, Heather Bouschey told CNN Money, " we again are seeing a quickening in the rate of hiring," assess that this month's report shows that the economy is in deed recovering.
The main question now is whether the report will affect the presidential polls, which continues to show the two candidates in a deadlock. With less than five days to the 2012 Presidential Elections, the two candidates remain in tie at the polls. According to the HuffPost Tracker, both candidates are currently at 47 percent, with Romney leading by point one percent.
