US Employment Beats Expectations

The US economy added 151,000 jobs in October according to the latest US Labor Department employment report. Overall, the unemployment rate remains at 9.6 percent but the increase is fueling some optimism.

“We’re seeing some incremental improvement in the labor market,” said Stephen Stanley, chief economist at Pierpont Securities LLC in Stamford, Connecticut. “Things aren’t good enough now, but we do have growth that’s likely to accelerate going forward. As the economy picks up, firms have got to add workers because they cut down so much.”

Source: Bloomberg

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