October Jobs Report: Unemployment Rate Dips - Spokane, North Idaho News & Weather KHQ.com

October Jobs Report: Unemployment Rate Dips

WASHINGTON (CNNMoney) -- American employers added more jobs last month, and the unemployment rate eased slightly.

The economy added 80,000 jobs in October, the Labor Department reported Friday, little more than half as many as in September, when employers added 158,000 jobs to payrolls.

October's hiring was also weaker than expected, as economists surveyed by CNNMoney had predicted a gain of 98,000 jobs in the month. Typically, it takes at least 150,000 jobs per month just to keep up with population growth.

The unemployment rate improved slightly, falling to 9.0% from 9.1% the previous month.

Additionally, revisions from August and September added 102,000 jobs to the nation's payrolls.

Still, roughly 13.9 million Americans remained unemployed in October, 42% of whom had been out of work for 27 weeks or longer.

Another 2.6 million were considered "marginally attached" to the workforce. They wanted work, and had looked for a job sometime in the last year, but were not counted in the unemployment figures because they weren't actively searching for a job in October.

The so-called underemployment rate, which includes those people, as well as Americans who want to work full-time but are forced to work part-time, fell to 16.2%.

More than two years after the recession officially ended, the labor market is still struggling to gain back even a fraction of all the jobs lost. Only about a quarter of the 8.8 million jobs shed have since been recovered.

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