Payrolls in October Grew by 166,000
By JEANNINE AVERSA
Employers added twice as many new jobs to their ranks than expected in October, an encouraging sign that the nation's employment climate is not cracking under the stress of a deepening housing slump.
The Labor Department reported Friday that the nation's payrolls grew by a net 166,000, the most in five months. The unemployment rate didn't budge at 4.7 percent, a figure considered low by historical standards.
Job gains were logged at schools, hospitals, bars and restaurants, hotels and motels, temporary-help firms, legal services, accounting and bookkeeping companies, the government and other places.
Those hiring increases more than offset jobs losses at factories, construction companies and mortgage businesses - casualties of the meltdowns in the housing and credit markets. Retailers and trucking companies also shed jobs.
"Businesses have not clammed up on the hiring scene as some feared," said Ken Mayland, president of ClearView Economics. "The wheels aren't coming off the economy.
Like I said.... Reality Check. The increases of seasonal help will not show up until next report. Check the facts before running around screaming how bad things are.