Employment Growth Rose to 151,000 in October
Posted November 9, 2010on:
Job growth picked up last month to 151,000 as employers across a broad spectrum of industries added to their staff, the Labor Department reported Friday morning.
While the job situation was considerably improved from the summer, when layoffs in the public sector led to overall job losses, October’s job gains were not enough to draw down the unemployment rate from 9.6 percent, where it has stayed for months. Unemployment is down from its peak a year ago of 10.1 percent, however.
The brighter jobs picture suggests that the Federal Reserve’s cash infusion for the economy may already be working to spur a pick-up in economic activity. The growth in jobs was particularly large in retail, at 27,900 during the month, suggesting that merchants expect a recent uptick in consumer spending to continue.
Growth in education and health care jobs was also robust, at 34,900, and temporary jobs resumed their strong expansion of 53,000 during the month. Even the beleaguered construction industry saw a small job gain of 5,000, helping to offset relatively small losses of 8,000 positions in government and 7,000 in manufacturing.
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