Businesses in the U.S. add new jobs for 10th month in a row in October, showing
continued promise for hiring.
According to the report released today from the U.S. Department of Labor,
businesses added 159,000 jobs last month -- many more than most analysts
had predicted -- and the best month since April 2010.
Overall, there was a net gain of 151,000 jobs added, as governments continued to
shed (8,000) jobs, but at a much smaller rate than in recent months.
Since December 2009, nonfarm payroll employment has risen by 874,000.
Most experts say the economy needs to add about 150,000 jobs each month just
to keep pace with population growth -- and several hundred thousand more to
begin making inroads in reducing unemployment.
Unemployment remained unchanged at 9.6 percent. There are still about 15 million people in the U.S. who need jobs.
In terms of specific areas of growth in October, temporary employment in the
professional and business services industries rose again, adding 35,000 new positions,
while retail added 28,000 jobs; healthcare added 24,000 jobs; and food services
added 24,000 jobs.
Employment in construction, wholesale trade, transportation, information, and financial activities showed little change in October.
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