November 5, 2010
October employment gains larger than expected
By Kevin G. Hall | McClatchy Newspapers
Employers added a larger than expected 151,000 jobs in October, the government reported Friday, the first positive jobs data release in months. The report also showed that the economy had added more jobs in the summer than originally was thought.
The national unemployment rate, however, held steady in October at 9.6 percent as job gains were offset by workers coming back into the labor force to seek employment.
Friday's report from the Bureau of Labor Statistics is heartening because for the first time in many months the economy is adding more jobs than the 150,000 per month that are necessary to keep pace with new entrants into the work force. The Labor Department also said that 110,000 more jobs were added over the summer than had been reported in earlier estimates.
Among the employment gains, which were logged almost across all sectors, was an increase of 35,000 jobs in temporary hiring. This is usually a harbinger for what will become full-time employment.
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