With Revision, US Labor Market Expanded During Obama Term

Posted September 28th, 2012 at 9:50 am (UTC-5)
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U.S. economic fortunes are still sluggish, but the government has now determined that more jobs have been added during President Barack Obama's term in office than lost.

While nearly 13 million workers are unemployed in the country, the new government figures show that since January 2009, when Mr. Obama took office, the country has added 125,000 jobs. Millions of jobs were lost in the early months of Mr. Obama's term during the country's deepest recession since the Great Depression of the 1930s.

Now the state of the U.S. economy is the focal point of the country's presidential election on November 6. Mr. Obama points to 5 million jobs that have been added in the last 30 months. But Republican challenger Mitt Romney says the Democratic incumbent's policies have failed and that, if elected, he would be able to add 12 million jobs during the next four years.

Early each month, the government's labor statistics agency releases employment data from the previous month.

But then annually, with more detailed information available, it releases updated employment numbers. While the country's jobless rate has remained above an unusually high 8 percent level for 43 straight months, the agency says the yearly review shows that 386,000 more jobs were added in the 12 months ending last March than first thought.

That revision, compared to earlier counts, turns a deficit of 261,000 jobs lost during Mr. Obama's term into an advance of 125,000 jobs.