U.S. enjoys boost in hiring

Hiring increased last month, while the unemployment rate ticked higher, according to a report released just four days before the presidential election.

The economy added 171,000 jobs in October, while the unemployment ticked up to 7.9%, from 7.8% in September, the U.S. Labor Department said Friday.

Economists had expected employers to add 125,000 positions in the month and unemployment to inch up to 7.9%.

The number of jobs added in August and September were revised sharply higher, adding a combined 84,000 more jobs that originally reported.

Professional and business services added 51,000 positions, while health care employment rose by 31,000. Retail and leisure and hospitality also boosted payrolls. Manufacturing was little changed and mining lost 9,000 jobs.

The monthly jobs report has taken on increased importance as the nation struggles to recover from the economic downturn. Roughly 12.3 million people remain unemployed, 40.6% of whom have been so for more than six months. And presidential candidates Barack Obama and Mitt Romney are centering much of the campaigns on who can create more jobs.

Employment growth has averaged 157,000 jobs per month so far in 2012, slightly more than the 2011 average monthly gain of 153,000.

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