U.S. employers add 271K jobs in October; jobless rate down to 5.0 percent
Nathan Andrada – Fourth Estate Contributor
Washington, DC, United States (4E) – Job creation in the U.S. grew in the month of October as non-farm payrolls rose by 271,000 jobs after September’s downwardly revised gain of 137,000 jobs, according to data by the Labor Department showed on Friday.
Economists had projected a gain of around 185,000 jobs, compared to the 142,000 job increase that was originally reported for the earlier month.
Friday’s report showed strong job growth in construction, food services and drinking places, retail, health care and professional and business services.
The robust job growth helped lower the unemployment rate in October to 5.0 percent from 5.1 percent in the earlier month, which is in line with economists’ expectations. The latest unemployment rate figure marks the lowest level since hitting a similar rate in April 2008.
The Labor Department also said employees’ average hourly earnings rose in October to $25.20, up by 0.4 percent, after rising by a penny in the earlier month.