If tomorrow's federal jobs report shows the unemployment number is below 8 percent, it might be curtains for Mitt Romney's chance to win the presidential election. So, you know Mitt and those obstructionists of his ilk are hoping and praying that somehow the number spikes above 8 percent, but indications are that it won't.
It's no secret that the Republicans in Congress have done everything they can to thwart President Obama's and the Democrats' effort to rebuild our economy. But in spite of them, things are turning around and tomorrow's jobs report might just be the final nail in the coffin for Mitt Romney and those obstructionists of his ilk.
With today's announcement by ADP that private sector employers added 158,000 jobs in the month (besting an expected 143,000), it's very possible that the national unemployment rate will hold at 7.8 percent or maybe even drop--not a given, but a distinct possibility.
Here's an excerpt from a CNN report (http://money.cnn.com/...):
The October report is the first to feature ADP's new methodology aimed at further aligning its figures with the final monthly data released by the Bureau of Labor Statistics. The ADP report comes out a day before the government's official monthly
job report, though it has not always been a great predictor of what the BLS report will say.
The revised ADP report now offers data on five categories of company size, ranging from small businesses with no more than 19 workers to large companies with at least 1,000 employees. It also breaks down employment in five industries--construction; financial activities; manufacturing; professional and business services; and trade, transportation and utilities--rather than three. Also, the sample size has been increased to 406,000 companies, from 344,000.
The government's report is a more expansive look at the national employment picture since it includes both public and private sector hiring. The former has been shedding jobs for the past two years.
The national unemployment rate stands at 7.8%, the lowest in nearly three years and the same rate as it was when President Obama took office.
Meanwhile, about 363,000 people filed for first-time unemployment benefits in the week ended October 27, down 9,000 from the previous week, the Labor Department said Thursday. That beat economists' estimates of 375,000.
Most experts predicted about 130,000 jobs would be added, resulting in a slight uptick to 7.9 percent in the October jobs report. I suppose 7.9 is still possible, but we'll see.
Coupled with a decline in people applying for first-time unemployment benefits and that ADP report, there's reason for optimism regarding the October jobs report. That is unless you're Mitt Romney or a member of his Grand Obstructionist Party. Tonight is going to be a long, sleepness night for all of them. Imagine, hoping for bad economic news so you stand a better chance of winning an election?! How un-American is that?