Jobs report hints at some improvement

U.S. hiring slowed in October but the unemployment rate hit a six-month low and job gains in the prior two months were stronger than previously thought, pointing to some improvement in the still-weak labor market.

The employment report on Friday was the latest data to suggest the economy was gathering a bit of momentum and a further indication recession risks were fading.

Nonfarm payrolls rose a tepid 80,000 last month, the Labor Department data showed, below economists' expectations for a gain of 95,000 and a slowdown from September.

But employers added 102,000 more jobs than previously estimated in August and September, and the jobless rate edged down to 9 percent from 9.1 percent, taking the sting out of the report.

Read Full Article from Reuters

- Posted: 2011-11-04 12:17:04

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