Employers Add 261,000 Jobs in October

By Toni Vranjes

November 3, 2017

After a tough September, the economy has rebounded, with employers creating 261,000 jobs last month.

The Labor Department initially reported that 33,000 jobs were lost in September, although it revised that to show 18,000 jobs created that month. The sluggish results for September have been attributed largely to the effects of Hurricanes Harvey and Irma.

For October, the winners included food services and drinking places, with 89,000 new jobs; and professional and business services, which increased by 50,000 jobs. Manufacturing and health care also gained.

Meanwhile, the unemployment rate fell from 4.2 percent to 4.1 percent.

In an analysis, Ben Herzon, senior economist at Macroeconomic Advisers by IHS Markit, said: “The one-tenth decline in the unemployment rate reflected a sharp decline in the labor force that outpaced a large (but smaller) decline in civilian employment.”

He added: “Both of these series have been volatile in recent months, but the trend in the unemployment rate indicates a tightening labor market.”

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