WASHINGTON — U.S. job growth surged in October at twice the rate expected and factory orders edged up, suggesting the world’s largest economy was strong enough to handle a deep housing slump without falling into recession.
Nonfarm payroll employment rose by 166,000 in October, and the unemployment rate was unchanged at 4.7 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported. Job gains occurred in professional and business services, health care, and leisure and hospitality. Manufacturing employment continued to decline, and construction employment was little changed.
The number of unemployed persons, at 7.2 million, was essentially unchanged in October, and the unemployment rate held at 4.7 percent. A year earlier, the number of unemployed persons was 6.7 million, and the jobless rate was 4.4 percent.
Source: www.bls.gov
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