The United States economy added 204,000 jobs in October, but the unemployment rate ticked up to 7.3 percent.
Despite these gains, the participation rate dropped 0.4 percentage points to a 35-year low 62.8 percent.
The government shutdown appeared to have not made a huge impact which was originally feared by economists. The economy continued to show signs of improvement, but the elusive 6 percent unemployment rate is still far away.
In 56 months of Barack Obama’s presidency, the unemployment rate dropped a grand total of 0.5 percent. The rate was 7.8 in January of 2009 to the 7.3 percent now.
Anti-Obama crusaders, also known as the Tea Party, pointed and shouted at the numbers and continued to remind people that former president George Bush’s rate hovered around 5 percent instead of this 7-percent range we’ve fallen in love with.
However, those on the left argue about the inherited mess Obama received after Bush gift-wrapped piles of debt from two wars and other spending projects. Yes, an administration who campaigned on little to no government spending spent quite a lot while in the White House.
Regardless whom you blame, the fact remains: our economy is still recovering, and debacles like the government shutdown probably aren’t helping.