New York (CNNMoney) – The number of people filing for unemployment benefits for the first time declined last week, a sign that the impact of Hurricane Sandy on jobs is starting to wane.
The Labor Department reported that 393,000 filed for initial jobless claims during the week, down from the 416,000 who sought help the previous weeks.FULL STORY
New York (CNNMoney) - Unemployment declined in 41 states in September, seven of which are key battlegrounds in the election. But falling unemployment rates don't necessarily point to improvement.
Ohio, which has 18 electoral votes up for grabs, saw its unemployment rate decline to 7% in September, down from 7.2% just a month earlier. While hiring has picked up slightly in the state, unemployment is mostly falling for the wrong reasons.FULL STORY
(CNNMoney) - The Romney-Ryan camp is trying to discredit the falling unemployment rate, claiming it's due mainly to workers dropping out of the labor force. But Obama administration official Gene Sperling shot back Tuesday: "That just ain't so."
Sperling, who heads the White House's National Economic Council, pointed to data from the Bureau of Labor Statistics, which shows the unemployment rate fell to 7.8% last month, down from 9.0% a year earlier. Most of that decline is due to workers getting jobs - not people dropping out of the labor force, Sperling said at the National Association for Business Economics Annual Meeting in New York Tuesday.
Watch CNN's coverage of Tuesday's presidential debate starting at 7 p.m. ET on CNN TV, CNN.com and via CNN's apps for iPhone, iPad and Android. Web users can become video editors with a new clip-and-share feature that allows them to share favorite debate moments on Facebook and Twitter. Click here for 13 reasons to watch the debate only on CNN.FULL STORY
Hong Kong (CNNMoney) - Jack Welch elaborated Wednesday on his widely-debunked criticism of the latest government jobs report, claiming in an op-ed that the reported 7.8% unemployment rate is "downright implausible."
Writing in the Wall Street Journal, Welch said that it is an overstatement to suggest that data collected by the Bureau of Labor Statistics is "precise" or "bias-free." And he raised questions over three key statistics - the labor-force participation rate, the growth in government workers and overall job growth - saying big one-month gains "have to raise some eyebrows."FULL STORY
(CNN) – In a week that looked like it would end with widespread criticism of President Barack Obama's debate performance, it instead closed with a slight boost to his campaign with Friday's surprising jobs report, according to a CNN roundtable.
The report, released by the Labor Department, showed that 114,000 jobs were added during the month of September, and that the unemployment rate had fallen to 7.8%, down from 8.1% in August. The jobs report was less of a happy occasion for the president and more of a relief the week did not end with politically harmful jobs statistics, CNN Chief White House Correspondent Jessica Yellin said Sunday on "State of the Union."
New York (CNNMoney) - The big drop in the unemployment rate a month before the presidential election brought cries of disbelief and conspiracy theories from Jack Welch and other critics of the Obama administration Friday. But the Labor Department was quick to dismiss such claims.
"Unbelievable jobs numbers..these Chicago guys will do anything..can't debate so change numbers," tweeted Welch, the former CEO of General Electric.FULL STORY
New York (CNNMoney) - The stakes are high and the forecast is gloomy, ahead of the August jobs report scheduled to be released Friday by the Labor Department.
A month ago, that report showed businesses added 163,000 jobs in July. Job gains at that level were the strongest in five months, but still were not robust enough to keep up with population growth. The unemployment rate ticked up to 8.3%.
Unfortunately, August doesn't look like it fared much better.FULL STORY
New York (CNNMoney) – Clint Eastwood's biting criticism of President Obama was a big hit with the crowd at the Republican National Convention. But his reading of the nation's unemployment situation missed by a wide margin.
Eastwood's speech on Thursday night mocked supporters of the president like Oprah Winfrey, who cried the night Obama was elected for years ago.FULL STORY
(CNN) - In his weekly podcast, Mitt Romney called out President Barack Obama for weak leadership on the economy, and said that under his administration, "help is on the way."
"Anxiety has never been higher," Romney said in the remarks, noting that unemployment increased in 44 states in the latest week reported. "Another new report out of Washington warns that higher unemployment and a double-dip recession will be a reality next year unless immediate steps are taken to avert what they're calling a 'fiscal cliff.' "