The economy continues its slow and steady recovery. Job growth was solid but not spectacular again last month, which has some political implications as well.
The last remaining political land mine embedded in Barack Obama’s path to reelection has failed to detonate.
With time fast running out, the Bureau of Labor Statistics this morning released the last monthly jobs report we’ll see in this election. The news was unexpectedly decent: 171,000 nonfarm jobs added in October, and unemployment essentially unchanged at 7.9 percent.
What’s more, the August numbers were revised upwards from 142,000 to 192,000, and the September numbers were boosted from 114,000 to 148,000. This suggests the possibility that something was stirring in the economy that we hadn’t picked up, and could help explain why Obama’s small but seemingly durable edge in the electoral college has persisted.
These are solid numbers for President Obama‘s campaign in a super close election as the unemployment rate stayed below 8%. The Mitt Romney campaign will point it that the rate ticked up a tenth of a point.