American job creation improved in October with 171,000 new jobs but the
unemployment rate moved higher to 7.9 percent, setting the stage for a
final push to the finish line in the heated presidential campaign.
Economists had been expecting the report to show a net of 125,000 new jobs and a steadying of the unemployment rate at 7.8 percent. Nomura Securities predicted the rate would fall to 7.7 percent, but most expected no change.
Economists had been expecting the report to show a net of 125,000 new jobs and a steadying of the unemployment rate at 7.8 percent. Nomura Securities predicted the rate would fall to 7.7 percent, but most expected no change.
Most
of the job creation came in the services sector, with a gain of
150,000, while government employment rolls saw a collective decrease of
13,000.
The report
comes at a sensitive time with the presidential election looming Tuesday
and the economy and specifically the jobs situation at the forefront. (Read More: What About an Election 'Cliff'? Here's What Could Happen)
President
Barack Obama has touted the more than 4 million jobs created since the
2009 economic nadir, while Republican challenger Mitt Romney has said
pointed out that job creation has been slow and well behind the pace of
previous recoveries.
Read more: http://www.cnbc.com/id/49657529
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