Economy adds 151K jobs, most in 5 months; unemployment rate remains 9.6 percent
Employers added the most jobs in five months in October, with the education and health care sectors leading the way.
But the unemployment rate, measured by a separate survey of households, remained stuck at 9.6 percent for the third straight month.
The Labor Department said Friday its survey of employers showed a net gain of 151,000 jobs last month, the most since May. Wall Street analysts expected a smaller gain.
Private employers hired 159,000 workers, while governments at all levels shed only 8,000 jobs, a much better showing than September’s sharp drop.
The department also revised August and September’s payroll figures higher. The private sector added 103,000 more jobs in those two months than previously estimated.
So far this year, the economy has added 874,000 jobs and over a million in the private sector. But that comes after the nation lost more than 8 million jobs in 2008 and 2009.
And about 14.8 million people say they were unemployed, a figure that hasn’t improved much since the beginning of the year.
The job gains were concentrated in relatively few sectors: retailers added 27,900 positions, likely in preparation for the holiday season. Temporary agencies added 34,900. Restaurants and bars hired 24,400 people.
The construction industry added a small number of jobs, while the manufacturing sector shed 7,000 positions. Factory employment has been roughly unchanged since May.
Source: AP News
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