US Economy Adds 56,000 Jobs, Jobless Rate Dips to 5.0 Percent in October
Posted on: Saturday, 5 November 2005, 09:00 CST
US economy adds 56,000 jobs, jobless rate dips to 5.0 percent in October
WASHINGTON, Nov. 4 (Xinhua) -- The US economy added 56,000 jobs in October while the unemployment rate nudged down to 5.0 percent from 5.1 percent in the previous month, the Labor Department reported Friday.
The payroll gain of 56,000 in October disappointed economists who had been expecting about 100,000 jobs to be added during the month.
Meanwhile, the revised figures showed that job gains in August turned out to be 148,000, down from the more robust increase of 211,000 as was previously estimated.
However, job losses in September turned out to be 8,000, much smaller than the 35,000 reported a month ago, which means Katrina's impact on the job market was not so terrible as many had feared.
In October, workers' average hourly wages rose to 16.27 dollars in October, up 0.5 percent from September. In the past year, average hourly wages have risen by 2.9 percent, the biggest year-over-year increase since July 2003.
Wage increases are good for workers. But the Federal Reserve fears that inflation pressures could rise if wages increased rapidly.
Source: Xinhua News Agency - CEIS
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