The Economy Continues To Add Jobs, Very Slowly

Nonfarm payrolls in the United States grew by 80,000 as the unemployment rate fell slightly to 9% in October, according to data released Friday, Oct. 4, by the federal Bureau of Labor Statistics.

The numbers were somewhat weaker than most analysts expected. But the government also revised upwards by 102,000 the number of jobs created in August and September, further easing concerns about a double-dip recession. The number of long-term unemployed and those working less than full time for economic reasons also fell, more signs of a jobs market improvement. Still, most economist expect job creation to remain painfully slow for years to come.

Employment growth was strongest in professional and business services, financial services, and leisure and hospitality. The latter category, which encompasses foodservice, has added 344,000 jobs since the beginning of 2010.

Manufacturing added only 5,000 net jobs and construction employment fell by 20,000. The pronounced declines in government employment moderated somewhat, with a net loss of 22,000 jobs in October. Nearly 600,000 state and local government employees have lost their jobs since the recession began.