Unemployment Stays At 30-Year Low; Hispanic Rate Lowest Ever

The Labor Department said the jobless rate was unchanged from September, surprising analysts who had been predicting a slight rise in the unemployment rate to reflect a slowing economy, according to an Associated Press story.

Instead, unemployment remained at the three-decade low first reached in April and matched in September, even though the number of new payroll jobs created last month slowed to 137,000, compared to a gain of 195,000 in September.

Over the past year, the jobless rate has stayed within a narrow range of 3.9 percent to 4.1 percent. The low rate was helped through June by sizzling economic growth rates, including a 5.6 percent pace in the April-June quarter.

The October strength pushed the jobless rate among Hispanics down to 5 percent, the lowest on record. The rate for other minorities remained near record lows. Black unemployment edged up to 7.3 percent, close to the all-time low of 7 percent reached in September.

The low unemployment rate was still not having an impact on wages, with average hourly earnings up just 6 cents to $13.89 in October.

In October, the gains in payroll jobs was supported by an increase of 34,000 construction workers, the second strong month of hiring in this industry following a summer of weakness.

Source: Associated Press