Nonfarm payrolls rise 151,000 in October
* Private employment jumps 159,000
* Unemployment rate steady at 9.6 percent
* Average workweek rises to 34.3 hours from 34.2 hours
* Private employment jumps 159,000
* Unemployment rate steady at 9.6 percent
* Average workweek rises to 34.3 hours from 34.2 hours
By Lucia Mutikani
WASHINGTON, Nov 5 (Reuters) – U.S. employment increased
more than expected last month as private companies hired
workers at the fastest pace since April, offering more signs of
an up-tick in a sluggish economy.
Nonfarm payrolls increased 151,000 in October, the first
increase since May, as a 159,000 jump in private employment
more than offset a 8,000 drop in government payrolls, the Labor
Department said on Friday. In addition, the government revised
payrolls for August and September to show 110,000 fewer jobs
lost.
Economists had expected payrolls to increase 60,000 last
month, with private employment rising 75,000.
Concern over the anemic job market was a factor behind the
Federal Reserve’s decision this week to pump an additional $600
billion into the economy through government bond purchases to
push interest rates down further and stimulate demand.
The U.S. central bank, which cut overnight interest rates
to near zero in December 2008, had already bought about $1.7
trillion in government debt and mortgage-linked bonds.
October’s strong jobs growth, however, failed to make a
dent in the lofty unemployment rate, which remained at 9.6
percent for a third straight month, in line with market
expectations.
Analysts say the economy needs to create at least 125,000
jobs a month to start bringing the unemployment rate down, but
economic growth remains rather sluggish nearly 1-1/2 years into
the recovery from the worst recession since the 1930s.
Anger over unemployment helped the Republican Party to
wrest control of the House of Representatives from the
Democrats in Tuesday’s election, which was viewed as a vote on
President Barack Obama’s economic policies.
WASHINGTON, Nov 5 (Reuters) – U.S. employment increased
more than expected last month as private companies hired
workers at the fastest pace since April, offering more signs of
an up-tick in a sluggish economy.
Nonfarm payrolls increased 151,000 in October, the first
increase since May, as a 159,000 jump in private employment
more than offset a 8,000 drop in government payrolls, the Labor
Department said on Friday. In addition, the government revised
payrolls for August and September to show 110,000 fewer jobs
lost.
Economists had expected payrolls to increase 60,000 last
month, with private employment rising 75,000.
Concern over the anemic job market was a factor behind the
Federal Reserve’s decision this week to pump an additional $600
billion into the economy through government bond purchases to
push interest rates down further and stimulate demand.
The U.S. central bank, which cut overnight interest rates
to near zero in December 2008, had already bought about $1.7
trillion in government debt and mortgage-linked bonds.
October’s strong jobs growth, however, failed to make a
dent in the lofty unemployment rate, which remained at 9.6
percent for a third straight month, in line with market
expectations.
Analysts say the economy needs to create at least 125,000
jobs a month to start bringing the unemployment rate down, but
economic growth remains rather sluggish nearly 1-1/2 years into
the recovery from the worst recession since the 1930s.
Anger over unemployment helped the Republican Party to
wrest control of the House of Representatives from the
Democrats in Tuesday’s election, which was viewed as a vote on
President Barack Obama’s economic policies.