(MENAFN– ecpulse) The unemployment rate in the U.S. fell to its lowest in six years in October, and job gains topped the 200,000 for a ninth straight month, suggesting confidence in companies despite the languish in overseas economies.
Non-farm payrolls increased 214,000 in October following a 256,000 gain that was higher than initially estimated. Job gains were below estimates of 235,000 by Bloomberg, but the Labor Department report showed revisions added 31,000 payrolls in September and August.
The unemployment rate fell to 5.8%, even with an increase to the labor force participation rate, making the total working force in the U.S. its highest in five years.
Job gains were across the board, as factories, retailers and construction companies added jobs. Manufacturing added 15,000, construction added 12, finance added 3,000 and retail added 27,100.
Restaurants added 41,800 payrolls. The rise in retail and restaurants’ payrolls could be due to early holiday hiring.
Average hourly earnings rose 0.1% in October, and 2.0% over the last 12 months, slightly below expectations. The average work week for all workers climbed to 34.6 hours.
The Federal Reserve cited sustained growth and improved labor sector progress when it ended monthly bond buying last week. The U.S. economy saw the strongest back-to-back gains in gross domestic product since 2003, after data showed the economy grew at a 3.5% rate in the third quarter, following a 4.6% rate in the second quarter.
The U.S. dollar fell slightly, and golf prices jumped to session highs.
10-year Treasury yields fell 4 basis points.
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