Jobless Rate Likely Edged Up In October, Job Growth Was Likely Modest

How many signs like this were there in October? We'll get a clue today.

Justin Sullivan/Getty Images i

How many signs like this were there in October? We'll get a clue today.

Justin Sullivan/Getty Images

The last major economic report before Election Day is due at 8:30 a.m. ET and economists say we should expect to hear that the unemployment rate ticked up to 7.9 percent in October from September's estimated 7.8 percent and that payrolls grew by just 125,000 jobs.

Whatever the Bureau of Labor Statistics says, the news is sure to be a hot topic on the campaign trail and among political pundits. As you've surely heard many times:

â€" Republican presidential nominee Mitt Romney says President Obama's economic policies haven't done enough to spur job growth and bring down unemployment.

â€" The president has been touting the slow job growth and gradual decline in unemployment since the jobless rate's recent peak of 10 percent in October 2009. He says they're signs the economy is on the right track.

They're likely to hit those themes again today.

Meanwhile, some skeptics â€" such as former General Electric CEO Jack Welch â€" will be watching closely to see if the BLS report fits with their view of how the economy is doing.

We'll update this post with the news after the report is released, and follow with highlights and reactions. Also check Planet Money for economic analysis and It's All Politics for more on how the report might affect the campaign.