U.S. creates 638,000 jobs in Oct., jobless rate down to 6.9%

The U.S. economy created a larger-than-expected 638,000 nonfarm jobs in October, while the unemployment rate fell 1.0 percentage point from the previous month to 6.9 percent, the Labor Department said Friday.Growth in nonfarm payrolls beat the market consensus of an increase of about 600,000.The department revised upward the nonfarm payrolls growth reported for September from 661,000 to 672,000. The August figure was flat at 1.49 million.In October, private industry generated 906,000 jobs, while the government shed 268,000 jobs, according to the department.Payrolls in the goods-producing secto…

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