Unemployment Rate Drops to 9 Percent

by Brian Bolduc

The Wall Street Journal reports:

The U.S. economy created 80,000 jobs in October. The Labor Department said the private sector added 104,000 positions, which was partially offset by continued cuts at all levels of government.

Payrolls data for the previous two months were revised up by a total of 102,000 to show 158,000 jobs were added in September and 104,000 jobs in August.

However, highlighting the persistent weakness of the labor market, the unemployment rate, which is obtained from a separate household survey, fell only marginally to 9% from 9.1% in September.