More Jobs Created in October Than Expected

November 8, 2013 01:35 AM



The U.S. Department of Labor says total nonfarm payrolls rose by 204,000 in October, which beat investors' expectations that 125,000 jobs were added. Unemployment, however, ticked up to 7.3%. The report states that among the unemployed, however, the number who reported being on temporary layoff increased by 448,000. This figure includes furloughed federal employees who were classified as unemployed on temporary layoff under the definitions used in the household survey.

The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 4.1 million in October. These individuals accounted for 36.1% of the unemployed. The civilian labor force was down by 720,000 in October. The labor force participation rate fell by 0.4 percentage point to 62.8% over the month.

The U.S. dollar index strengthened on the better-than-expected jobs data and is working on sharp gains for the week.


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