The U.S. unemployment rate
rose to 5.7 percent in October from 5.6 percent a month earlier.
Companies cut jobs for a second straight month and manufacturing
weakened, leading some economists to predict the Federal Reserve
will lower interest rates next week to spur growth.
Payrolls fell by 5,000 after dropping 13,000 in September,
while hours worked and weekly earnings declined, the Labor
Department said. The Institute for Supply Management’s factory
index dropped last month to 48.5. That was the second monthly
reading below 50, which signals contraction.
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More than 1.5 million jobs have been lost since March 2001,
when the economy slipped into a recession that probably ended at
the start of this year. Job growth is key for sustained consumer
spending, which accounts for two-thirds of gross domestic product,
economists said.
Investor expectations of a rate cut next week have risen with
reports of statistics suggesting the recovery is lethargic, although not
all economists agree.
Bloomberg News
