Washington, DC, November 3, 2006--Nonfarm payrolls grew 92,000 in October and the unemployment rate fell to 4.4%, according to the Labor Department.
The unemployment rate during the month hit its lowest level in more than five years.
Economists were expecting payroll growth of about 123,000, and the jobless rate to remain at 4.6%.
Payrolls in August and September were revised higher by a cumulative 139,000.
The separate household survey showed robust job growth of 437,000 in October, and a sharp 238,000 drop in unemployment.
The job report may dispel some worries that the economy is slowing sharply.
The average hourly wage increased six cents or 0.4% in October to $16.91, a bit higher than the 0.3% expected. Hourly wages are up 3.9% in the past year.
The average workweek increased to six minutes to 33.9 hours.
Total hours worked in the economy rose 0.3%. Average hours worked in manufacturing held steady.
Manufacturing jobs declined by 39,000. Construction jobs fell by 26,000.
Jobs in the services increased 152,000. Within the services sector, government added 34,000 workers and jobs in education rose 28,000. Temp jobs increased by 15,000 in October.
