(Dylan Stableford) -- The latest report from U.S. Bureau of Labor Statistics was released on Friday, showing 171,000 jobs were created in October--a far better figure than some economists were expecting.

The U.S. unemployment rate ticked up slightly to 7.9 percent from 7.8 percent in September because of the increased size of the country's workforce. Nearly all of the new jobs came from the private sector, the bureau said.

The report also revised job creation figures for August and September, with 192,000 jobs created in August (up from the 142,000 initially reported) and 148,000 in September (up from 114,000).

The closely-watched report comes less than a week before the U.S. presidential election, with the economy being the pivotal issue in the campaign.

It would seem to be good news for President Obama, whose campaign has touted a steady economic recovery--and the fact that unemployment rate has fallen below 8 percent during his administration. But Gov. Mitt Romney can also point to the slow pace of the recovery--and the late uptick in the unemployment rate.

"This jobs report is good, but it won't change the race," Ezra Klein wrote on Twitter. "Which is as it should be."

Read more at Yahoo News.