Job Creation Spikes, US Unemployment Rate Slows in October Ahead of 2012 Presidential Election

According to payroll processor ADP, employment spiked in October, adding 158,000 jobs created by private employers to the economy.

CNN reports that people filing for unemployment benefits also dropped by 9,000 people from October 20 to October 27, landing at 363,000 and beating predictions that forecast 375,000 by the end of the month.

Experts predicted that October would host the creation of only 143,000 jobs, putting the economy's recovery ahead of schedule. The United States now maintains a 7.8 percent unemployment rate.

CNN Editor Tami Luhby writes, "The largest employers are doing most of the hiring, accounting for 69,000 of the positions added in October," and have contributed to 25% of job growth since 2010.

However, ADP suggests that small businesses are experiencing a more sluggish recovery than their larger counterparts, adding 12% to 13% of growth.

Bloomberg notes that worker productivity rose at a 1.9 percent annual rate, while labor expenses decreased "at a 0.1 percent pace."

TD Securities Inc. U.S. strategist Gennadiy Goldberg states, "We're definitely getting fewer firings, but hirings are picking up very gradually, and that's why you're only seeing gradual improvement in the labor market."

Mark Zandi of Moddy's Analytics gauges the mood of the job market, noting: "It feels like the job market is holding its own."

However, Zandi expresses that "Businesses are not confident enough to hire aggressively" due to the slow pace of new business creation, reports CNN.

The economy is a crucial deciding factor in the upcoming presidential election, but it is unclear how much of an impact ADP's job report will have on registered and likely voters on November 6.