Economy Creates 166,000 Jobs in October

Washington, DC, November 2, 2007—The economy produced 166,000 jobs in October, according to the Labor Department, for the best showing in the jobs measure since May. The unemployment rate was steady at 4.7%.

Economists had expected 93,000 jobs to be created in October and no change in the unemployment rate.

Payroll growth in August and September was revised down by a total of 10,000. The economy created 96,000 jobs in September.

The average workweek was steady at 33.8 hours, and total hours worked in the economy rose 0.1%. Average hourly earnings rose 3 cents to $17.58 an hour, or 0.2%.

Average hourly earnings are up 3.8% in the past year.

Jobs in the construction arena declined 5,000 in October. Jobs in the manufacturing sector fell by 21,000. The banking an mortgage sector saw a decline of 5,000 jobs.

The service sector saw employment increase by 190,000 with an increase of 37,000 jobs in the food services, 347,000 in health care and 34,000 in employment services.