Swing state jobless could shape election Last jobs report before election crucial in close race
At a rally in Ohio, his first of a day full of campaigning, Obama made a brief reference to the report, telling a boisterous crowd in Hilliard that "this morning we learned companies hired more workers in October than at any time in the last eight months."
He quickly shifted to his campaign stump speech, citing a revived American auto industry, rising home values and increased highway construction -- all important economic issues in Ohio -- as evidence of recovery during his presidency.
"We have made real progress," he said, then added that "we are here today because we know we've got more work to do."
The White House noted the report showed growth for a 32nd straight month to further bolster recovery from the recession inherited by Obama.
"While more work remains to be done, today's employment report provides further evidence that the U.S. economy is continuing to heal from the wounds inflicted by the worst downturn since the Great Depression," said a statement by Alan Krueger, who chair's Obama's Council of Economic Advisers.
To Romney, the increase in the unemployment rate was "a sad reminder that the economy is at a virtual standstill."
"Unemployment today is higher than when Barack Obama took office," Romney told a campaign event in Wisconsin.
In a statement released by his campaign, Romney said Obama's policies have "crushed America's middle class" for four years, and that the president's claims of progress ring hollow with people struggling to get by.
House Speaker John Boehner, R-Ohio, piled on in saying that "four years of persistently high unemployment and long-term joblessness might be the best President Obama can do -- but it's nowhere near what the American people can do if we get Washington out of their way."
Final jobs report before election gives ammo for both sides
Blaming what he called failed Obama policies including stimulus-style spending, excessive regulations and the threat of tax hikes by the president, Boehner said the result was "an economy that's far weaker than it should be."
U.S. stocks opened slightly higher on the jobs data, illustrating Wall Street sentiment and complimenting other economic reports out this week showing gains in manufacturing, consumer confidence and auto sales.
But Sheila Bair, a former chairman of the Federal Deposit Insurance Corporation, told CNN the employment report would have a minimal impact on Election Day since the numbers already play into the campaigns' economic narratives.
Voters consistently cite the economy as the top election issue this year, and Romney and Republicans have focused their campaign efforts on framing the vote as a referendum on Obama's presidency.
The unemployment rate was 7.8% when Obama was sworn in on January 20, 2009, and climbed above 8% the next month before dropping to 7.8% again more than three years later, in September.
Obama and his campaign often note that the economy was losing well over 500,000 jobs a month when he took office, and that his policies have reversed that trend to bring uninterrupted, though slower-than-needed growth.
Krueger's statement Friday said that over the past 12 months, the economy added more than 2 million jobs compared to 1.9 million in the previous year.
However, Romney and Republicans say a lack of leadership has prevented a more robust recovery.
"Four years ago, candidate Obama promised to do so very much, but he has fallen so very short," Romney said in a campaign speech in Wisconsin. "Words are cheap. A record is real and its earned with real effort. Real change is not measured in words. Real change is measured in achievements."
The question of the election, Romney said, "comes down to this: Do you want more of the same or do you want real change?"
Romney's vision for America
In his Ohio remarks, Obama challenged Romney's argument, saying is Republican rival offered only a repeat of tax cuts and shrinking government that he blamed for contributing to the recession and financial collapse during the Bush administration.
Obama's vision for America
Obama also leveled a harsh attack on a Romney ad earlier this week that incorrectly implied Jeep would shift manufacturing from the United States to China. The issue resonates in Ohio, one of the most important battleground states still up for grabs, because of its major auto industry.
The auto industry bailout that Obama championed gives him the advantage on the topic over Romney, who called at the time for letting the automakers go bankrupt and then managing their reform.
Obama said the Romney ad caused worried autoworkers to wonder if their jobs were being shipped overseas.
"It's not true. The car companies themselves have told Gov. Romney to knock it off," Obama said, adding that he understood Romney had a tough time in Ohio because he opposed the auto bailout and is "on videotape saying 'Let Detroit go bankrupt.' "
About the ad, Obama said: "You don't scare people just to scare up some votes."
"That's not leadership," he continued. "When I made the decision to rescue the auto industry, I knew it wasn't popular. It wasn't even popular in Ohio. But I knew it was the right thing to do. Betting on workers was right thing to do."
Both campaigns are focusing their final push on the handful of battleground states that are vital to their chances. In addition, Romney and running mate Rep. Paul Ryan are heading to Pennsylvania, which was considered to be leaning Democratic but has seen tightening in the polls in recent weeks.
The Obama campaign calls the Romney focus on Pennsylvania a futile effort to win a state that has supported Democratic candidates in the last five presidential elections.
Election campaign ends with chess match in swing states
CNNMoney's Tami Luhby contributed to this report.
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