United States: Unemployment rate falls slightly in October
November 4, 2011
Non-farm payrolls increased by 80,000 in October, which came in at nearly half the revised 158,000 rise observed in September (previously reported: 103,000 jobs). The reading surprised the market on the downside, as analysts expected an increase of 95,000 jobs. Nevertheless, the unemployment rate dropped a notch from 9.1% in September to 9.0% in October. As in previous months, the private sector was entirely responsible for new hiring by adding 104,000 jobs, which, nevertheless, fell short of market expectations of 125,000 new jobs. Meanwhile, the public sector cut 24,000 jobs. The economy lost 7.4 million jobs during the recession, which officially lasted from December 2007 to June 2009.