New numbers released today showed the unemployment rate dropped to 9% for the month of October, down from a stubborn 9.1%. According to the Labor Department, the economy also added 80,000 jobs, down from September’s 158,000 total.
Despite the drop, the numbers signal an interesting trend. While the private sector added 104,000 jobs, the government shed 24,000 jobs, which is in keeping with the Republican strategy to “shrink” government. President Obama’s job bill may have saved many of the lost governmental jobs, but the GOP has been opposed to adopting any of the President’s job-saving measures.
According to CBS news, the numbers released by the Labor Department also show more promising signs.
CBS reports: “The government revised August and September’s figures upward by 102,000. Average hourly earnings rose. And the unemployment rate fell for the first time since July, because a separate survey of households showed more people found work.”
Although the numbers are positive, President Obama says the economy is growing “way too slow.”
The Federal Reserve predicts that the unemployment rate will stay the same for the remainder of the year, but may dip to 8.6 percent by the end of next year.
The President’s reelection numbers may hinge on whether or not the economy starts to grow at a faster pace. Although President Obama’s approval ratings are up, political experts say that the economy–not Republican challengers–will be the biggest hurdle for Mr. Obama.
Do you think the economy is growing?