Friday, November 02, 2012

Economy Adds 171,000 Jobs in October

The economy added more than the expected 125K jobs. 578,000 more people started looking for a job, which is why the unemployment rate ticked up.

U.S. employers added 171,000 jobs in October, and hiring was stronger in August and September than first thought. The unemployment rate inched up to 7.9 percent from 7.8 percent in September.

The Labor Department’s last look at hiring before Tuesday’s election sketched a picture of a job market that’s gradually gaining momentum after nearly stalling in the spring.

Since July, the economy has created an average of 173,000 jobs a month. That’s up from 67,000 a month from April through June.