U.S. employers added 337,000 workers in
October, almost twice the number forecast, as service companies
hired the most employees since April and hurricane cleanup helped
boost construction jobs.
Job growth in August and September was faster than the Labor
Department initially reported, bringing the average during the
three months to 225,000. The jobless rate rose to 5.5 percent from
5.4 percent as more people returned to the labor force, a sign of
growing confidence about job prospects. October’s payroll increase
was the most since March.
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“It’s a blowout number,” said Stephen Stanley, chief
economist at RBS Greenwich Capital Management in Greenwich,
Conn. “With the revisions we see a pattern that’s much
more consistent with what we’ve seen in the economy as a whole
following the soft patch earlier in the summer. This tells you
that it’s a more durable and sustainable process.”
Bloomberg News
