Unemployment rate for October is 9.0%. Only 80,000 jobs created.
The 80,000 increase in payrolls was less than forecast and followed gains in the prior two months that were revised up by 102,000, Labor Department figures showed today in Washington. The unemployment rate fell to a six-month low of 9 percent from 9.1 percent even as the labor force expanded.. . . .
The data also showed a pickup in hourly earnings, a drop in long-term unemployment and a decrease in so-called under- employment.
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Private hiring, which excludes government agencies, rose to 104,000 after a revised gain of 191,000. It was projected to rise by 125,000, the survey showed.
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Factory payrolls increased by 5,000, the first increase in three months.
Employment at service-providers increased 90,000 after a 129,000 gain. Construction companies cut 20,000 jobs and retailers added 17,800 employees, the most in three months.
Government payrolls decreased by 24,000. State and local governments cut employment by 22,000, while the federal government trimmed 2,000 workers.
Loss of public jobs again constituting a drag on hiring.
