The unemployment rate in the U.S. remained unchanged at 9.6 percent in October for the third consecutive month, despite the first increase in the number of newly created jobs since May, the latest data from the U.S. government showed on Friday.
The report from the U.S. Department of Labor indicated that 14.8 million Americans were unemployed in October. The data also showed that 151,000 new jobs were created in the U.S. in October, marking the first increase since May, the Department of Labor highlighted. The 159,000 new jobs in the private sector more than offset the loss of 9,000 jobs in the public sector. Economists had expected 60,000 new jobs, with an increase of 75,000 in the private sector. Concerns related to the anemic labor market prompted the U.S. central bank, the Fed, to announce on Wednesday a decision to inject an additional $600 billion into the U.S. economy through an eight-month program of purchasing Treasury securities. The bank aims to keep interest rates low and stimulate demand. (H)
