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This is an archive article published on November 5, 2011

Modest improvement in US job market

The American economy added 80,000 jobs in October,and job growth in the two previous months was much stronger than first thought,an encouraging sign as the nation searches for a way out of the jobs crisis.

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The American economy added 80,000 jobs in October,and job growth in the two previous months was much stronger than first thought,an encouraging sign as the nation searches for a way out of the jobs crisis.

The unemployment rate dropped to 9 per cent from 9.1 per cent,the first time it has fallen since July and the lowest rate since April.

Those are pretty good signs, said Michael Hanson,senior economist at Bank of America Merrill Lynch. Were hanging in there.

The latest report is important for President Barack Obama,with the economy expected to be the top issue when he runs for re-election next year. Economists surveyed by FactSet had expected a gain of 100,000 jobs. It takes a gain of about 125,000 jobs a month to keep up with population growth,more to bring down the unemployment rate.

 

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