U.S. Payrolls Rose 166,000 in October; Rate at 4.7%

American employers added almost twice as many jobs as forecast in October, helping steer the economy clear of recession even as the housing slump deepens.

Payrolls climbed by 166,000 after a 96,000 increase in September, the Labor Department said today in Washington. The jobless rate held at 4.7 percent.

The resilient labor market suggests the Federal Reserve is unlikely to lower borrowing costs again next month, economists said. The central bank lowered the benchmark rate by a quarter point on Oct. 31 and signaled it's reluctant to do so again.

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- Posted: 2007-11-02 10:26:55

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