Employment Report Beats Expectations

Friday, November 02, 2012

Employment application (Kathryn Decker/flickr)

The Bureau of Labor Statistics released its final unemployment report today in advance of the 2012 election on Tuesday, November 6. It showed an increase of 171,000 jobs among non-farm payrolls, as well upward revisions to previous months which reflect an additional 84,000 jobs. The unemployment rate increased to 7.9 percent as more people began looking for work.

The September 2012 report was also good news for the Obama Campaign, showing a dip in unemployment to 7.8 percent, the lowest rate since President Obama took office in January 2009. No sitting president since Franklin D. Roosevelt — who was reelected in 1940 amid a Great Depression unemployment rate of 14.2 percent — has been reelected with an unemployment rate above eight percent. 

Charlie Herman, business and economics editor for Takeaway co-producer WNYC, and Todd Zwillich, The Takeaway's Washington correspondent, explain the October numbers and what they mean for election day.


Charlie Herman and Todd Zwillich

Produced by:

Jillian Weinberger

Comments [5]

Gary from Upper Left Side

Let's do a review of the Obama Administration:

Promise: Close Gitmo. Reality: Gitmo is STILL open for business.

Promise: Healthcare reform. Reality: 50M people STILL don't have coverage; premiums skyrocket by 32% in 2 years for those with insurance while benefits are reduced.

Promise: Financial reform. Reality: Dodd-Frank Law only stops the most egregious banking practices; credit card rates still at usury levels.

Promise: Prosecute those responsible for housing scandal. Reality: NO ONE has been even indicted by the DOJ, let alone prosecuted and convicted. NO ONE !!!

Promise: Immigration reform. Reality: More "illegals" deported than under Bush.

Fun Fact: Obama nominates tax evader for Secretary of Treasury (IRS is a division of Treasury).

Fun Fact: Obama wins Noble Peace Prize while dropping bombs on Afghanistan.

Fun Fact: Anti-Wall Street rhetoric in the morning, then Obama appears at Wall St. fundraiser later in the day.

Fun Fact: Goldman Sachs is Obama's largest campaign contributor.

Fun Fact: Rate of foreclosures accelerated from January 2009 to January 2012.

Fun Fact: Banks have the widest profit spread in U.S. history (banks borrow money at 0%--Fed Funds Rate set by government--but lend at 29.9% (e.g., credit card rates).

Fun Fact: "Proposal" (no law yet) for 2-yr reprieve on illegal immigrants b/w 16 and 31 years old that requires registering with I.C.E., which is really a way to "smoke 'em out" and find them for future deportation after 2-yr reprieve has expired.

Final Grade: F

Nov. 02 2012 02:31 PM
David from Eugene Oreogn

Nice line "Veritical Ghost Town" so sums it up..

Nov. 02 2012 01:39 PM

Climate denial?
Is that like debt, unemployment and economy denial and other "pretty good news"and "good numbers" in our bizarre "new normal" as the tiresome spin starts to wear thin?

Nov. 02 2012 12:30 PM

@DJ: The report "beat expectations" because most economists were expecting a lower figure of around 125,000 jobs.

Nov. 02 2012 12:24 PM
DJ from Fort Lauderdale

How does employment report just released increase to 7.9% beat expectations? In Joe Biden's words that is a "bunch of malarkey". I have been a listener and donator supporter of WLRN, but after this 2012 election coverage, I have been disappointed on every coverage reported by your station. I am an independent and I get a feeling the WLRN falls bias with the Obama Administration, and it sickens me that a journalist organization like public radio would sku the public to one side instead of keeping to the Journalist Creed unbiased. Get out of the Obama Admin tank and I might just come back and listen to WLRN.

Nov. 02 2012 09:39 AM

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