While the October jobs report showed that U.S. employment rose by more than economists had anticipated, Republican presidential candidate Mitt Romney was unimpressed, with the former Massachusetts Governor highlighting the increase by the unemployment rate.
The Labor Department report showed that the U.S. economy added 171,000 jobs in October compared to economist estimates for an increase of about 125,000 jobs, although the unemployment rate still crept up to 7.9 percent due to an increase by the size of the labor force.
"Today's increase in the unemployment rate is a sad reminder that the economy is at a virtual standstill," Romney said in a statement. "On Tuesday, America will make a choice between stagnation and prosperity."
He added, "For four years, President Obama's policies have crushed America's middle class. For four years, President Obama has told us that things are getting better and that we're making progress. For too many American families, those words ring hollow. We can do better."
Romney claimed that he would make real changes that lead to a "real" economic recovery if he is elected president, suggesting that his policies would lead to the creation of millions of good-paying jobs.
Not surprisingly, the White House had a different interpretation of the data, with Alan B. Krueger, Chairman of the President's Council of Economic Advisers, saying the report provides further evidence that the U.S. economy is continuing to heal.
"It is critical that we continue the policies that are building an economy that works for the middle class as we dig our way out of the deep hole that was caused by the severe recession that began in December 2007," Krueger said.
Senate Majority Leader Harry Reid, D-Nev., also cited the report as proof that President Obama's policies are moving the economy forward.
"We have a great deal more to do and too many Nevadans are still out of work," Reid said. "But this recovery would be even stronger if Republicans had decided to work with Democrats, instead of obstructing at every turn."
He added, "As we look to the challenges facing us in the coming months, I hope that my Republican colleagues will re-evaluate their strategy, stop trying to appease the Tea Party, and instead choose to help all Americans by reaching across the aisle to get things done."
by RTT Staff Writer
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