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U.S. Economy Adds Fewer Jobs Than Expected In October

Employment growth in the U.S. remained tepid in October, according to figures released by the government on Friday. The number of jobs added in the month was lower than expected, though figures for previous months were revised higher.

The U.S. Labor Department said the economy added 161,000 jobs in October. Economists had expected a figure of around 178,000 jobs.

Figures for the previous couple months were revised higher in the latest data. September's job gain was revised up to 191,000 compared to the 156,000 mark that was originally reported. Meanwhile, August's increase was updated to show an addition of 176,000 jobs, compared to 167,000 in the previous report.

The unemployment rate ticked down to 4.9 percent compared to 5.0 percent in September.

Earlier in the week, a separate report showed disappointing growth in the private sector. Payroll processor ADP reported that private sector employment climbed by 147,000 jobs in October following an upwardly revised jump of 202,000 jobs in September. Economists had expected private sector employment to rise by about 170,000 jobs.

by RTTNews Staff Writer

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