November 8, 2013
The American job market showed a burst of life in October as employers added a healthy 204,000 jobs over the month, far exceeding analystsâ€™ expectations that had been lowered in part by the partial federal government shutdown.
The Labor Department said Friday, however, that the unemployment rate last month edged up to 7.3% from a five-year low of 7.2% in September. Officials said there was an unusually large drop in the so-called labor force, those working or actively looking for jobs. The jobless-figure calculations were complicated by the federal shutdown that had furloughed hundreds of thousands of federal workers.
The payroll job-growth data, which are based on a separate survey of employers as opposed to households, are considered more reliable and were not affected by the 16-day government shutdown, officials said.