Washington, Nov 09: American employers hired more than double the workers expected in October, pushing the jobless rate to its lowest since April and reinforcing hopes the labour market is catching up with the broader recovery. October's surge in employment -- a jump of 126,000 in the number of workers on payrolls outside the farm sector -- became the third monthly rise in a row after the Labour Department's employment report on Friday showed substantial upward revisions to data for August and September. The October number was the largest rise since January, far outstripping analyst expectations for a 58,000 gain.
Treasury bond prices slumped after the data, which showed sizzling third-quarter economic growth translated into more jobs. The dollar soared after the report but ended the day lower on profit taking ahead of the weekend.
September's payrolls were shown to have climbed by 125,000 after first being reported as a gain of 57,000, and August's rose 35,000 after previously being reported as down 41,000. The unemployment rate fell to 6.0 percent, the lowest since April, from 6.1 percent in September.
President George W Bush, assailed by Democratic presidential candidates over job losses, hailed the recovery in the labour market. “Things are beginning to brighten up for people looking for work, which is positive,” Bush said. Bureau Report