Unemployment rises to 7.9 percent;
171K jobs added
In the week ending October 27, the advance figure for seasonally adjusted initial claims was 363,000, a decrease of 9,000 from the previous week’s revised figure of 372,000. The 4-week moving average was 367,250, a decrease of 1,500 from the previous week’s revised average of 368,750.
The job gains were spread across varying industries, with the entire private sector adding 184,000 people to the payroll. Professional and business services added 51,000 positions, while health care employment rose by 31,000. The construction sector continued to bring on employees, adding 17,000 jobs last month.