Service Sector Leads Payroll Gains, But Numbers Fall Short
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Jobs were added in October, but at the slowest pace in four months, suggesting continued challenges to create new work as global economies continue to struggle.
Data from the U.S. Labor Department Friday showed nonfarm payrolls rose 80,000 in the month of October, down sharply from a revised 158,000 in the month of September. Economists were looking for a slightly more robust number at 85,000. The initial September reading came in at 103,000.
Of the total, service sector employers added 90,000 jobs, while construction and retailers cut 20,000 and 17,800, respectively. State and local governments cut employment by 22,000, while the federal government trimmed 2,000 workers.
Private nonfarm numbers came in at 104,000, lower than the 125,000 Street estimate. Private nonfarm payrolls added 191,000 in September, sharply higher than the original figure of 137,000.
The unemployment rate fell from 9.1 percent to 9.0 percent amid an expansion in the labor force.
Data from the U.S. Labor Department Friday showed nonfarm payrolls rose 80,000 in the month of October, down sharply from a revised 158,000 in the month of September. Economists were looking for a slightly more robust number at 85,000. The initial September reading came in at 103,000.
Of the total, service sector employers added 90,000 jobs, while construction and retailers cut 20,000 and 17,800, respectively. State and local governments cut employment by 22,000, while the federal government trimmed 2,000 workers.
Private nonfarm numbers came in at 104,000, lower than the 125,000 Street estimate. Private nonfarm payrolls added 191,000 in September, sharply higher than the original figure of 137,000.
The unemployment rate fell from 9.1 percent to 9.0 percent amid an expansion in the labor force.
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