• By Bill O'Reilly

    As "T-Points" predicted yesterday, the national media is reporting today's economic news as a plus for President Obama.

    Now, I'm not saying the data is not a plus, I'm just telling you what the national media is doing. I'm reporting, not analyzing. But now I'll start analyzing.

    I listen to CBS radio every morning. It's usually pretty fair in its assessment of the news. But I knew -- I knew that when the economic data came out today CBS would report it this way.

    (BEGIN AUDIO CLIP)

    UNIDENTIFIED MALE: The Labor Department's October employment report, the last big reading on the economy before Election Day shows stronger than expected job gains. But more people were looking for work last month and that pushed unemployment a tenth of a point higher to 7.9 percent.

    Still a pickup of 171,000 jobs is significant. Economist Stewart Hoffman calls it the real deal.

    STEWART HOFFMAN, ECONOMIST: A good gain in jobs, a widespread gain. This isn't a fluke, it's a genuine improvement in the jobs market.

    (END AUDIO CLIP)

    O'REILLY: Now in a moment Lou Dobbs will tell us if he agrees with that point of view.

    But here is what's really happening economically. Unemployment ticked up from 7.8 percent to 7.9 percent. However, there were more jobs available in October. In fact, the workforce rose by 578,000 Americans. That's good. The reason unemployment went up is that more Americans are now looking for jobs because more jobs are becoming available.

    The bad news is that unemployment among African-Americans jumped almost a full percentage point from 13.4 percent to 14.3 percent. That is a disaster. Also, the real unemployment rate in October was 14.6 percent, including people who have given up looking for work. Bottom line, 12.5 million Americans who want to work, can't find employment. The candidates responded.

    (BEGIN VIDEO CLIP)

    OBAMA: In 2008 we were in the middle of two wars and the worst economic crisis since the Great Depression. And today our businesses have created nearly 5.5 million new jobs and this morning we learned that companies hired more workers in October than at any time in the last eight months.

    ROMNEY: He said he was going to lower the unemployment rate down to 5.2 percent right now. Today we learned that it's actually 7.9 percent. And that's nine million jobs short of what he promised. Unemployment is higher today than when Barack Obama took office.

    (END VIDEO CLIP)

    Now, as always, you make the call on which can date has a better grasp of the economy. Of course, that will be the deciding factor in the election on Tuesday.

    Finally, I think I've covered this economic deal today fairly and my prediction of yesterday that the mainstream media, which overwhelmingly supports President Obama's re-election, will use the last few days before the vote to bolster Mr. Obama, looks to be on track.

    But I want to know what you think about The Factor's election coverage analysis. So we are asking in a new BillOReilly.com poll, "Do you believe The Factor" -- excuse me "has been fair covering the election?" Do you believe The Factor has been fair covering the election? Yes or no. And we will give you the results on Monday.

    And that's "The Memo."

    - You can catch Bill O'Reilly's "Talking Points Memo" weeknights at 8 and 11 p.m. ET on the Fox News Channel and any time on foxnews.com/oreilly. Send your comments to: oreilly@foxnews.com.