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Unemployment rate dips in October

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The U.S. unemployment rate fell to 9 percent in October as employers added 80,000 jobs—the fewest in four months and below September's revised total of 158,000, according to The Washington Post.

Although hiring slowed, the government reported job growth in August and September was much stronger than previously reported, with an additional 102,000 jobs. In addition, average hourly earnings rose, and the unemployment rate fell for the first time since July.

During the third quarter the economy generated an average of 130,000 jobs per month, which is up from 97,000 during the previous quarter. However, it still is below the 166,000 per month generated during the first quarter.

In October, the professional and business services sector added 32,000 jobs; leisure and hospitality sector added 22,000 jobs; health care sector added 12,000 jobs; and manufacturing sector added 5,000 jobs. The government sector cut 24,000 jobs, and the construction sector cut 20,000 jobs. The financial activities sector basically was unchanged.

There currently are 13.9 million unemployed people in the U.S.


11/4/2011

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