The U.S. economy created 214,000 jobs in October, data from the U.S. Labor Department showed on Friday, pushing the unemployment rate to its lowest level in six years and suggesting the labour market recovery remained intact.
October's payroll data fell short of Wall Street's estimates, which had expected the report to show jobs growth of 231,000, according to consensus forecasts. The report also comes as the Federal Reserve wraps up its lengthy campaign to stimulate the economy with massive bond buying.
The closely watched unemployment rate dipped to 5.8% in the month, its lowest since 2008. Yet the labour force participation rate —considered by some economists to be a more reliable barometer of labour conditions—rose only modestly to 62.8% from 62.7%. That indicator remains mostly flat since April, the department said, and remains mired at its lowest level in nearly four decades.
The largest gains during last month were seen in food and beverages, which added 42,000 positions, and retail, which added 27,000 jobs. Professional services employment jumped by 37,000. Analysts, however, saw some problems in the data—namely depressed wages and millions of job seekers still considered discouraged.
