171,000 Jobs Created In October, Unemployment Stays Under 8 Percent

The American economy added 171,000 jobs in October and the unemployment rate ticked up slightly but stayed below 8 percent, according to the latest data from the Bureau of Labor Statistics. Analysts had expected 120,000 jobs to be created. The unemployment rate increased due to the labor force adding 578,000 people. The private sector added 184,000 jobs, while the public sector lost 13,000. The number of jobs created in August was revised up from 142,000 to 192,000, and September was revised up from 114,000 to 148,000. The wider U-6 measure of underemployment fell slightly to 14.6.