US unemployment rate touched a five and a half-year
low in October with the addition of 92,000 jobs being
added during the month. Hiring in the two previous months
was revised up, indicates new government data.
labour department said while 92,000 jobs were added in
October lower than the 125,000 that market analysts
had forecast. Hiring in September and August was far stronger
than was first estimated.
department revised September's job-creation total upwards
to 148,000, or nearly three times the 51,000 it reported
a month ago, and said there were 230,000 new jobs in August
instead of 188,000.
unemployment rate fell in October to 4.4 per cent from
4.6 per cent in September. It was the lowest unemployment
rate since 4.3 per cent in May 2001.
hourly earnings rose 0.4 per cent to $16.91 higher
than the anticipated 0.3 per cent while the average
work week edged up to 33.9 hours from 33.8. Average hourly
earnings have risen by 3.9 per cent over the year, the
monthly report is calculated from two separate surveys,
one of households and the other of businesses. The household
survey showed that a whopping 437,000 more people were
employed in October.
of the new hiring in October was in service industries,
where 152,000 new jobs were created, while manufacturing
industries shed 60,000 jobs, the department said.