November 2, 2012

The United States economy created 171,000 jobs in October, significantly more than the 125,000 forecast by economists, the U.S. Department of Labor announced today. The unemployment rate in the United States ticked up slightly to 7.9 percent, up from 7.8 percent in September. Economists attributed that rise mainly to an increase in the number of people trying to re-enter a stronger job market. The Labor Department also said hiring in August and September was higher than originally estimated, with an additional 84,000 new jobs reported. Economists noted that today’s figures as well as other indicators point to a steady, if slow, recovery from the economic crash that began in September 2008.

The seal of the United States Department of Labor (World Book illustration)

According to the Labor Department, jobs in professional and business services rose by 51,000, while hires in the health care industry rose by 31,000. Government payrolls dropped by 13,000 following a three-month increase. Manufacturing jobs remained steady, with employment in mining falling by 9,000.

Additional World Book articles:

• Bank 2008 (a Back in Time article)
• Bank 2009 (a Back in Time article)
• Economics, U.S. 2008 (a Back in Time article)
• Economics, U.S. 2009  (a Back in Time article)
• Economic Crisis: The Banking Meltdown (a special report)
• Economic Crisis: The Government Jumps In (a special report)
• Economic Crises – Then and Now (a special report)