Unemployment Rate Holds at 4.7%
U.S. payrolls rose in October and the unemployment rate held at 4.7%, the Labor Department said Friday.
The 166,000 jobs gain, which followed a revised 96,000 gain in September, was well above economists’ forecasts of an 85,000 increase, Bloomberg reported. The unemployment rate was in line with predictions, Bloomberg said.
Manufacturers’ payrolls fell by 21,000, following a 17,000 downturn in September, Labor reported.
Service industries added 190,000 workers, down from a gain of 127,000 the previous month.
The unemployment-rate gauge is based on a survey of households. The number of payroll jobs added is determined by a separate survey of business and government establishments.
