U.S. jobless rate climbs to 7.9 percent; 171,000 jobs added

US-VOTE-2012-DEBATE

By Frank Quaratiello and Ira Kantor | The Boston Herald | November 2, 2012

The U.S. unemployment rate rose to 7.9 percent in October as the nation added 171,000 jobs and the presidential candidates were quick to jump on the economic news.

The federal Bureau of Labor Statistics report also revised the number of jobs created in September to add another 34,000, increasing that figure to 148,000. The August jobs number was revised upward to show 192,000 jobs created.

Both President Obama and GOP nominee Mitt Romney found something to shout to the rooftops on the campaign trail today.

In Springfield, Ohio, the president touted the report: “This morning we learned that companies hired more workers in October than at any time in the last eight months. … Our businesses have created nearly five and a half million new jobs. …. The American auto industry is back on top. Home values and housing construction is on the rise. We’re less dependent on foreign oil than any time in 20 years. Because of the service and sacrifice of our brave men and women in uniform, the war in Iraq is over. The war in Afghanistan is ending; al-Qaeda’s been decimated. Osama bin Laden is dead.” Read More

Economic challenges take center stage at Open Classroom

greglarry

By Matt Collette | news @ Northeastern | September 14, 2012

Pres­i­dent Obama and Repub­lican chal­lenger Mitt Romney are rarely in the same place, either phys­i­cally or polit­i­cally. But on Wednesday, eco­nomic experts who have advised both men shared the stage to dis­cuss the fal­tering global economy and the role of fed­eral policy in addressing the crisis.

“At just about any point since the Second World War, the ques­tion was always quite clear and you knew what the prob­lems was,” said former Har­vard Uni­ver­sity pres­i­dent Larry Sum­mers, an econ­o­mist who headed the U.S. Trea­sury from 1999 to 2001 under Pres­i­dent Bill Clinton and served as eco­nomic adviser for Pres­i­dent Obama until 2010. “What stands out at this moment is that you can listen to a dis­cus­sion of some­thing like the deficit and there are two major cross-cutting themes.”

Sum­mers and Romney’s eco­nomic adviser, Greg Mankiw, the former chair of Pres­i­dent George W. Bush’s Council of Eco­nomic Advisers, dis­cussed the economy on Wednesday evening as part of the Open Class­room series spon­sored by the School of Public Policy and Urban Affairs. The lec­ture series — The 2012 Elec­tion: Policy Advice to the Pres­i­dent — will be held every Wednesday from 6 to 8 p.m. in 20 West Vil­lage F throughout the semester and is open to the public. Read More

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