This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

US Economy Adds 171K Jobs; Rate Rises To 7.9 Pct.

It allowed Obama to argue that the economy has added jobs for 25 consecutive months, since September 2010, and that the private sector has added jobs for 32 consecutive months, since February 2010.

Campaigning in Hilliard, Ohio, the president said: "We've made real progress, but we are here today because we know we've got more work to do. Our fight goes on."

The report allowed the Romney campaign, however, to argue that the unemployment rate will be higher on Election Day than it was on Inauguration Day in January 2009, when it was 7.8 percent.

"I won't waste any time complaining about my predecessor," Romney said at a rally in West Allis, Wis. "From Day One, I will go to work to help Americans get back to work."

Obama will face voters with the highest unemployment rate of any incumbent since Franklin Roosevelt. It was 7.8 when Gerald Ford lost to Jimmy Carter in 1976, and 7.2 percent when Ronald Reagan trounced Walter Mondale in 1984.

The story of what happened to the economy during Obama's term is, of course, more complicated.

The month Obama took office, the economy lost 818,000 jobs, the worst figure of the Great Recession. During the next 13 months he was in office, the economy lost 4.3 million jobs.

Jobs reports were mixed, with some gains and some losses, for the next seven months. Since the beginning of October 2010, the economy has added 3.9 million jobs. The total for Obama's time in office is growth of 194,000 jobs.

In addition, the Labor Department said in September that 368,000 jobs were created in the year ending in March but have not been assigned to the month-by-month statistics. Adding those jobs, Obama's total is 562,000.

The economy lost 13,000 jobs during George W. Bush's first term and added 1.1 million jobs during his second term. The economy added 11.5 million jobs during Bill Clinton's first term and 11.2 million during his second.

3 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.30 -0.92%
FB $118.08 0.55%
GOOG $695.81 0.50%
TSLA $230.21 -0.91%
YHOO $35.97 -0.11%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.16 -12.21 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs