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Payrolls Dip, Jobless Rate Rises To 5.7% As Softness Continues In Manufacturing; "No Real Momentum There'; Weak data may push Fed to cut interest rates again when it meets this week.(A)
Byline: CHRISTINA WISE
Unemployment ticked up to 5.7% in October from 5.6% in September as the recovery remained on shaky ground.
While the jobless rate was a bit better than the 5.8% expected by economists, that didn't change the discouraging tone of the Bureau of Labor Statistics' report Friday.
The economy shed another 5,000 jobs last month, the agency said. That followed a decline of 13,000 in September, which was revised from an earlier-reported loss of 43,000 jobs.
The bulk of the losses came at goods-producing companies, which gave up 75,000 jobs. Manufacturers were the worst hit, losing 49,000 positions, while the construction industry shed 27,000 for the month.
Those declines were offset in part by a gain of 70,000 service-sector jobs.
Government claimed some of the biggest increases in employment. In the private sector, finance, insurance and real estate firms saw the biggest rise, adding 34,000 positions to their payrolls.
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