Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

11/2/2012 (3 years ago)

Catholic Online (www.catholic.org)

Unemployment rate at stubborn 7.9 percent, while jobs are added

It's as if one door opened and another door closed in the U.S. economy on the eve of Election Day. The unemployment rate ticked up to 7.9 percent - while the economy added a better-than-expected 171,000 jobs. However -- the number of unemployed grew by 170,000, roughly the same amount -- to 12.3 million. How this will impact voters is anyone's guess.

The unemployment rate ticked up to 7.9 percent - while the economy added a better-than-expected 171,000 jobs. However -- the number of unemployed grew by 170,000, roughly the same amount -- to 12.3 million. How this will impact voters is anyone's guess.

The unemployment rate ticked up to 7.9 percent - while the economy added a better-than-expected 171,000 jobs. However -- the number of unemployed grew by 170,000, roughly the same amount -- to 12.3 million. How this will impact voters is anyone's guess.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

11/2/2012 (3 years ago)

Published in Business & Economics

Keywords: Unemployment, job creation, Election Day, Obama, Romney


LOS ANGELES, CA (Catholic Online) - These numbers will allow President Obama to say the economy is technically growing under his watch. These figures will also add ammunition to Mitt Romney to say that the new jobs are not making much of a dent in the unemployment problem. On a purely objective level, it underscores the slow pace of the recovery.

"That's nine million jobs short of what (Obama) promised," Romney said at a rally in Wisconsin. "Unemployment is higher today than when Barack Obama took office."

The rate was 7.8 percent the month Obama took office. "Today's increase in the unemployment rate is a sad reminder that the economy is at a virtual standstill," Romney said in a written statement.

"When I'm president, I'm going to make real changes that lead to a real recovery, so that the next four years are better than the last."

One voice that remains pessimistic is former Bureau of Labor Statistics chief Keith Hall, who told Fox Business Network that at this rate, "we're still talking nine or 10 years" before the economy gets back to normal.

The president, speaking in Ohio pointed to the report as another sign the economy is moving in the right direction, despite the challenges remaining.

"We've made real progress, but we are here today because we know we've got more work to do," Obama said. "As long as there's a single American who wants a job and can't find one, as long as there are families working harder but falling behind . our fight goes on."

Objective, level heads, who look at the figures as they are, offer moderate views. "Today's employment report provides further evidence that the U.S. economy is continuing to heal from the wounds inflicted by the worst downturn since the Great Depression," Alan B. Krueger, chairman of the White House Council of Economic Advisers, said.

The numbers represent the last major economic report before Election Day, concluding what has effectively been a two-year campaign focused largely on jobs -- or the lack of jobs.

Growth remains slow, but over the long term Obama can argue the economy has expanded, albeit modestly. Federal figures show that since October 2011, the number of unemployed has shrunk by 1.5 million in spite of October's increases. Still, that number does not count those not currently looking for work, and the latest report shows roughly 6.5 million people are in that category despite still wanting a job.

Ohio Sen. Rob Portman, a top Romney surrogate, reminded voters that the 7.9 percent rate is far higher than what the administration initially predicted.

"He promised sweeping reforms that would boost our hurting economy, including a trillion dollar stimulus package that would reduce unemployment to 5.4 percent and policies to reduce the deficit in half by now," he said.

.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2016 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for May 2016
Universal:
Respect for Women: That in every country of the world, women may be honored and respected and that their essential contribution to society may be highly esteemed.
Evangelization: Holy Rosary: That families, communities, and groups may pray the Holy Rosary for evangelization and peace.



Comments


More Business & Economics

The world of news is changing, Buzzfeed struggles to keep up Watch

Image of Buzzfeed is struggling, can they cope with the shift in media culture?

By Marshall Connolly (CALIFORNIA NETWORK)

There's growing concern that Buzzfeed doesn't have a very bright future, at least as far as news is concerned. The firm has missed its projected revenues, and it may look to the news for the place to cut. LOS ANGELES, CA (California Network) - It's hard to get news ... continue reading


Two hundred French police raid Google over unpaid taxes as it's revealed firm may owe nearly $2 BILLION! Watch

Image of Police have raided the Google headquarters in Paris, seeking evidence of tax evasion.

By Marshall Connolly (CALIFORNIA NETWORK)

Your favorite brands may be in trouble for tax evasion. Over a hundred police officers and another hundred support personnel have raided Google's headquarters in France as part of an investigation into the company's taxes. Google is one of many brands that may owe ... continue reading


Censorship in America is alive and well. You'll be surprised to see who you can thank! Watch

Image of Obama and Zuckerberg work closely. It's not clear on what.

By David Drudge (CALIFORNIA NETWORK)

Freedom of the press may be the most important fundamental right in a free society. This is why censorship, particularly on social networks such as Facebook, is particularly onerous. LOS ANGELES, CA (California Network) - Freedom of the press is enshrined in the First ... continue reading


Facebook censor scandal - What is Zuckerberg up to? Watch

Image of Facebook censorship scandal prompts Zuckerberg to move (Pinterest).

By Kenya Sinclair (CALIFORNIA NETWORK)

Mark Zuckerberg is set to hold a meeting on Wednesday with Glenn Beck and Dana Perino to talk Facebook's censorship scandal. LOS ANGELES, CA (Catholic Online) - Recently a Gizmodo report accused Facebook of suppressing conservative news in the "trending" section.The ... continue reading


YES, bosses should let their employees power nap. So why don't they? Watch

Image of Studies show a short nap at work and increase productivity, alertness, memory, and cognition.

By Marshall Connolly (CALIFORNIA NETWORK)

There's something to be said for the afternoon siesta, after all. Or at least a power nap, according to one sleep expert from the University of Adelaide. Research shows that a ten-to-fifteen-minute nap in the afternoon improves performance. LOS ANGELES, CA (California ... continue reading


191 THOUSAND mining jobs lost since September '14 Watch

Image of With less coal, the US will need to turn to other countries (Pinterest).

By Kenya Sinclair (CALIFORNIA NETWORK)

Coal provides a cheap and efficient source of power - and the United States has lost 191,000 miners to provide this commodity. LOS ANGELES, CA (Catholic Online) - According to the <a href=http://www.bls.gov/news.release/pdf/empsit.pdf>Bureau of Labor ... continue reading


Obama brags in face of economic failure Watch

Image of The Obama administration claims the economy is thriving - but what is REALLY going on (TPNN)?

By Kenya Sinclair (CALIFORNIA NETWORK)

We all know "that guy." You know the one - the guy who is obsessed with conspiracy theories and who swears the government is out to get us. Well, according to newly released economic data, "that guy" might be (partially) right. LOS ANGELES, CA (Catholic Online) - U.S. ... continue reading


Yes, there's definitely something wrong with millennials, and here's what it is! Watch

Image of As far as millennials are concerned, the American dream is just that -- you have to be asleep to believe it.

By Marshall Connolly (CALIFORNIA NETWORK)

Across the country, the news is shocking. Over half of the millennials think socialism might be a good thing. Most of them believe the American dream is a myth, and public perception is that something is wrong with them. Why do they just want "free stuff?" LOS ANGELES, ... continue reading


Billionaire Soros warns China is near economic collapse Watch

Image of China's economy may be heading for trouble.

By Marshall Connolly (CALIFORNIA NETWORK)

Billionaire George Soros is sounding the alarm, China is about to go down and the rest of the world could follow. According to Soros, there is a major resemblance between China now and the United States in 2007-2008 just before the U.S. economy entered the Great ... continue reading


IRS issues dire warning before Panama Papers crackdown begins Watch

Image of The Panama Papers detail the tax evasion schemes of thousands of wealthy people around the world.

By Marshall Connolly (CALIFORNIA NETWORK)

The IRS has issued a warning to the rich who have been hiding money offshore - come clean now, before we catch you ourselves. The warning follows the leak of over 11 million pages of documents that detail the private, often hidden financial moves of wealthy people ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • $3,600,000,000,000: the price to repair America
  • Daily Readings for Friday, May 27, 2016
  • :-D MILLENNIALS REJOICE! New emoji Bible translation is coming!
  • Blessed Mother Teresa of Calcutta HD Video
  • St. Augustine of Canterbury: Saint of the Day for Friday, May 27, 2016
  • States revolt, 11 sue to block disruptive Obama restroom edict, ...
  • Daily Reading for Saturday, May 28th, 2016 HD Video

Daily Readings

Reading 1, First Peter 4:7-13
7 The end of all things is near, so keep your minds calm and sober for ... Read More

Psalm, Psalms 96:10, 11-12, 13
10 Say among the nations, 'Yahweh is king.' The world is set firm, it ... Read More

Gospel, Mark 11:11-26
11 He entered Jerusalem and went into the Temple; and when he had ... Read More

Saint of the Day

Saint of the Day for May 27th, 2016 Image

St. Augustine of Canterbury
May 27: At the end of the sixth century anyone would have ... Read More