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US unemployment ticks up to 7.9%

Nov 02 2012 14:56

Washington - The US unemployment rate rose to 7.9% in October from 7.8% the prior month, the government said on Friday in a highly anticipated report ahead of the November 6 election.

Though the jobless rate ticked up a notch, the economy added 171 000 jobs in October, well above expectations.

The Labour Department said the unemployment rate was "essentially unchanged" at 7.9%, and noted job growth in professional and business services, health care and the retail sector.

The number of unemployed people - 12.3 million - was slightly higher, following a dip in September.

Most analysts had forecast the rise in the unemployment rate, but the job growth far outpaced the 125 000 estimate.

The better-than-expected jobs report serves as the final snapshot on the economy as President Barack Obama battles for re-election next Tuesday in a neck-and-neck race against Republican challenger Mitt Romney.

unemployment  |  us economy


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