Unemployment

By: Associated Press
By: Associated Press

The U.S. economy returned to jobs-creation mode last month, and the Labor Department says the unemployment rate headed down to five percent.

It is the latest sign that the economy is recovering from the damage inflicted by the recent hurricanes.

The government says payrolls expanded by 56,000 jobs in October, below analyst expectations.

With today's revision for September, the economy lost just 8,000 jobs in September, not the 35-thousand lost as reported a month ago.

The decline reported in the jobless rate reflects the decision of some people to opt out of the labor force.

Federal Reserve Chairman Alan Greenspan, who spoke to Congress Thursday, said economic fallout from the hurricanes should be temporary.

11/05/05


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