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Jobs growth disappoints in October

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Jobs growth disappoints in October

Nonfarm payrolls grow by 214,000, missing expectations.

Total nonfarm payroll employment rose by 214,000 in October, and the unemployment rate ticked down slightly to 5.8%, the U.S. Bureau of Labor Statistics reported today.

Consensus estimates had expected an increase of 231,000 new jobs.

The historically low employment participation rate increased slightly, ending at 62.8% as compared to 62.7% in September.

While somewhat disappointing, the October payroll results suggest that the slow recovery continues to move forward.

The number of unemployed persons decreased by approximately 300,000, coming in at 9.0 million.

Since the beginning of the year, the number of unemployed persons has declined 1.2 million, while the unemployment rate has declined by 0.8 percentage point.

The full report can be found here.

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