October jobs report

Today's October jobs report from the U.S. Bureau of Labor Statistics (BLS) - the last before next Tuesday's presidential election - has something for each of the major party candidates.

The BLS report showed a net increase of 171,000 jobs, beating the average analyst estimate of 125,000 and exceeding the net increase of 148,000 jobs seen in September.

The unemployment rate increased to 7.9% from 7.8% in September as more people returned to the labor market.

Given the tight race for the presidency, there is likely to be a lot of partisan chatter on the results of the October jobs report. The data may even sway some undecided voters to lean one way or the other.

The unexpectedly large number of net new jobs created will certainly be cited by U.S. President Barack Obama as proof that his policies are working and that he should be re-elected.

The uptick in the unemployment rate to 7.9%, just above the 7.8% level where it was when President Obama took office in January 2009, will surely be cited by Republican candidate Mitt Romney as evidence of President Obama's failure to revive the economy.

But before you let these numbers influence your political decisions, here are some often overlooked truths behind the jobs report.

With less than five days to go until America casts its vote for U.S. president, Friday's October jobs report could have a major impact on an election hinged upon the economy and, more importantly, employment.

After last month's highly-questioned jobs report, where only 114,000 jobs were added but the unemployment rate ticked down 3 percentage points to 7.8%, many have cried foul.

From Donald Trump to Jack Welch the shouts of conspiracy and manipulation were voiced. To many the only explanation was that the report was indeed "cooked."

"I agree with former GE CEO Jack Welch, Chicago style politics is at work here," Rep. Allen West, R-FL, posted on his Facebook (Nasdaq: FB) page after last month's strong report. "Somehow by manipulation of data we are all of a sudden below 8% unemployment, a month from the Presidential election."

Whether or not those numbers were manipulated, the fact remains that unemployment dropped below 8% for the first time in over three years.

That was a significant milestone for President Obama and revived his campaign following Mitt Romney's surge in polls since the first debate.

Another move downward in the unemployment rate, or simply staying below 8%, could be enough to clinch an election that has become almost a dead heat.