Friday, November 4, 2011
US jobless rate drops to 6-month low
US employment rose less than expected in October, but a drop in the jobless rate to a six-month low of 9.0 percent and upward revisions to prior months' job gains pointed to underlying strength in the labor market.
Nonfarm payrolls rose 80,000 last month, the Labor Department said today, missing economists' expectations for a gain of 95,000. However, figures for August and September were revised to show 102,000 more jobs than previously reported.
In addition, the decline in the jobless rate from 9.1 percent in September came even as more people entered the labor force. While job growth last month was less than expected, details of the report suggested the economy was gaining some momentum.
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