Last Jobs Report Before the Election
The jobs report was released this morning and it is not bad news for Hillary Clinton. The unemployment rate ticked down to 4.9% in October. Historically, low unemployment rates have helped political parties retain power.
This report could be stronger but it adds to the record string of consecutive months of positive job gains, bringing this record streak to 73 months now. In October, nonfarm employment grew by 161,000 jobs. While many are touting this record string of job gains, we should point out that these have not been the strongest job gains we've seen historically. For example, in the eight years from 1993 to 2000, the U.S. economy added an average of 242,000 jobs per month, versus the average over the past six years of 200,000. That is a big difference over the course of several years.