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The U.S. unemployment rate fell to a 5-1/2 year low in October as 92,000 jobs were added and hiring in the two prior months was revised up, the government said on Friday, leading financial markets to slash bets on interest-rate cuts.
A rosier-than-expected job picture, days before next Tuesday's congressional vote in which ruling Republicans are considered at risk of losing control, caused rejoicing among President George W. Bush's party but Democrats countered that most Americans still say household budgets are under pressure.
While the Labor Department said 92,000 jobs were added in October, fewer than the 125,000 Wall Street analysts had forecast, it also said hiring in September and August was far more vigorous than first thought.
It revised up September's job-creation total to 148,000, or nearly three times the 51,000 it reported a month ago, and said there were 230,000 new jobs in August instead of 188,000.
The unemployment rate fell in October to 4.4 percent from 4.6 percent in September. It was the lowest jobless rate since 4.3 percent in May 2001.
Bond prices sank on fears it erased any chances of interest-rate reductions in the near future. Stocks also were lower in late morning trading, though it was primarily because higher oil prices offset the news about a falling unemployment rate that signaled economic resilience. The dollar rose.
The U.S. unemployment rate fell to a 5-1/2 year low in October as 92,000 jobs were added and hiring in the two prior months was revised up, the government said on Friday, leading financial markets to slash bets on interest-rate cuts.
A rosier-than-expected job picture, days before next Tuesday's congressional vote in which ruling Republicans are considered at risk of losing control, caused rejoicing among President George W. Bush's party but Democrats countered that most Americans still say household budgets are under pressure.
While the Labor Department said 92,000 jobs were added in October, fewer than the 125,000 Wall Street analysts had forecast, it also said hiring in September and August was far more vigorous than first thought.
It revised up September's job-creation total to 148,000, or nearly three times the 51,000 it reported a month ago, and said there were 230,000 new jobs in August instead of 188,000.
The unemployment rate fell in October to 4.4 percent from 4.6 percent in September. It was the lowest jobless rate since 4.3 percent in May 2001.
Bond prices sank on fears it erased any chances of interest-rate reductions in the near future. Stocks also were lower in late morning trading, though it was primarily because higher oil prices offset the news about a falling unemployment rate that signaled economic resilience. The dollar rose.
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This what USA should focus on. Give jobs and improve their lives. Not go war with other country and destroy their cities, kill other people and plunder their wealth.