Jobless rate at 7.9% for October and 171,000 jobs created
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CHICAGO (FOX 32 News) -
The U.S. Department of Labor released the last jobs report before Election Day on Friday.
The unemployment rate for October rose slightly to 7.9% from 7.8% in September. That was expected.
The big story is that 171,000 jobs were created in the U.S. economy this October.
That is slightly more than many economists predicted. Most of the new jobs were created in the service industry, which tend to be lower paying jobs.
The number could prove critical in the race for president since no president has ever won re-election with an unemployment rate of over 7.4%. Both presidential candidates are watching this much-anticipated October report, looking through it closely.
Private sector hiring also jumped in October, which is also a better number than expected.
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