Unemployment rises in October as work force grows

The U.S. unemployment rate increased to 7.9 percent in October from 7.8 percent in September as U.S. employers added 171,000 jobs, according to The Washington Post. The unemployment rate reportedly inched up because more people without jobs started looking for work.

Additionally, the economy created 84,000 more jobs in August and September than previously estimated. The revisions show employers added an average of 173,000 jobs per month since July compared with 67,000 per month during the previous three months.

In October, the professional and business services sector added 51,000 jobs; retail sector added 36,000 jobs; health care sector added 31,000 jobs; leisure and hospitality sector added 28,000 jobs; and construction sector edged up, mainly gaining from specialty trade contractors adding 17,000 jobs. The mining sector lost 9,000 jobs. The transportation and warehousing, financial services, government and manufacturing sectors basically were unchanged.

There currently are 12.3 million unemployed people in the U.S.

Date : 11/5/2012