The U.S. economy added 638,000 jobs in October and the unemployment rate fell to 6.9 percent, according to data released Friday.
Economists …
The U.S. economy added 638,000 jobs in October and the unemployment rate fell to 6.9 percent, according to data released Friday. Economists had forecast 530,000 jobs and a decline in the unemployment rate to 7.7 percent, two-tenths of a percent October’s 7.9 percent. The Labor Department had initially reported that the economy added 661,000 jobs in September. Private-sector payrolls grew by 906,000 jobs in October, much more than expected and above October’s figure. Government employment fell by 268,000, including a 138,000 loss in jobs at the federal government. The decline in federal government workers was driven by the loss of 147,000 temporary census workers. Local government education and state government education workers also decline, by 98,000 and 61,000 respectively. The workforce participation rate jumped to 61.
