Jobs growth picks up Strong gain in October payrolls is more than double what was expected; unemployment remains steady at 4.7%. 110207 CNN
There was a net gain of 166,000 jobs in the month, up from the revised 96,000 increase in September, the Labor Department said Friday. Economists surveyed by Briefing.com had forecast an 80,000 increase in the period. The unemployment rate stayed at 4.7 percent. That matched both economists' forecast as well as the rate posted in September. The service sector was the major driver of job growth, even as retailers showed a 22,000 job decline in the seasonally-adjusted reading. Government, leisure and hospitality and business and professional services posted solid gains. Stock futures rose on the news, as the report calmed fears of a economic slowdown. But the report didn't show much in the way of inflation pressure from the improved labor market outlook. The average hourly wage was up only 0.2 percent, less than the 0.3 percent forecast. And the September wage gain was also revised lower. |
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