Jobs Report: US Economy Created 204,000 In October - Much Better Than Expected

 @JosephLazzaro
on November 08 2013 8:44 AM
Job Fair July 2012
A job fair in New York state Reuters

The U.S. economy created 204,000 jobs in October, the U.S. Labor Department announced Friday -- well above the Bloomberg News consensus estimate of 120,000.

What's more, job totals for September and August were revised upward by a combined 60,000. That upward revision, to 163,000 from 148,000 in September and to 238,000 from 193,000 in August, suggests the economy has more strength than many economists had deduced in their most recent analyses. 

The federal government revises monthly job totals as more information becomes available.

Meanwhile, the unemployment rate ticked up to 7.3 percent in October from 7.2. percent.

By sector, there was strength in retail and entertainment sectors, and in temporary jobs, but nearly every sector except government added jobs. Many retail chains and shops add temporary employees for the holiday shopping season.

Details to follow.

 

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