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Financial News: Economy Generates Only 261,000 Jobs In October

Economy Generates Only 261,000 Jobs In October

11/03/2017 - 09:20:00 (RTTNews)

(RTTNews) - The U.S. economy added 261,000 jobs in October as employment rebounded from anemic gains in the prior month due to hurricanes Harvey and Irma.

Employment was expected to jump by 312,000 jobs in October after unexpectedly dipping by 33,000 jobs in September.

Unemployment fell to 4.1% from 4.2%, but only because 765,000 people stopped looking for work. The unemployment rate has declined by 0.7 percentage point so far this year, and the number of unemployed persons has decreased by 1.1 million.

In October, job gains occurred in professional and business services, manufacturing, and health care.

Employment in bar and restaurants increased sharply, mostly offsetting a decline in September that largely reflected the impact of Hurricanes Irma and Harvey.

While October's jobs rebound was disappointing, the Federal Reserve is still likely to raise interest rates in December.

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