Jobs jump 166,000 in October

U.S. employers added 166,000 workers in October, a sign that the jobs picture remains strong in the face of a housing collapse and the credit crunch.

NOV 02, 2007

By Bloomberg

U.S. employers added 166,000 workers in October, a sign that the jobs picture remains strong in the face of a housing collapse and the credit crunch, according to a Department of Labor report. The October job growth follows an increase of 96,000 jobs in September. The professional and business services, health care, and food services industries added 65,000, 34,000 and 37,000 jobs, respectively. Meanwhile, the manufacturing industry lost 21,000 jobs, while 5,000 construction jobs were lost. The report also showed that the unemployment rate came in at 4.7% for the second consecutive month. The unemployment rate stood at 4.4% in October 2006. Average hourly earnings rose 3 cents to $17.58 per hour, or 0.2%. Average hourly earnings are up 3.8% in the past year. The average work week remained at 33.8 hours, and total hours worked in the economy increased 0.1%.

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