Jobs Report Surprises to the Upside in October
November 2, 2012 @ 8:37 AM EST
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Economic Update: Nonfarm Payrolls
The Labor Department reported that Nonfarm Payrolls, which is one of the most closely followed gauges regarding the state of the economy at the present time, gained 171,000 in the month of October.
The increase in the number of new jobs was well above the consensus estimates for an increase of 124K and above September’s August’s upwardly revised 148K (revised from 114K).
The total revisions to the last two months show a total of 84,000 more new jobs than previously reported.
The private sector (aka the household survey) showed gains of 184K jobs, which was well above this week’s ADP report that showed 158K new private sector jobs.
The nation’s Unemployment Rate rose to 7.9%, which was in line with the expectations.
Finally, the average number of weekly hours worked fell a tenth to 34.4.
Stock futures have improved on the news and point to a higher open on Wall Street.
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