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171,000 Jobs added in October

According to the 8:30 A.M., Friday, November 2nd, release by the BLS, bureau of labor statistics, the economy added 171,000 jobs in October.

The bureau reported that total nonfarm payroll employment increased by 171,000 in October, and the unemployment rate was essentially unchanged at 7.9%.    The bureau reported that Hurricane Sandy had no discernible affect on the October employment statistics.

The bureau stated that both the unemployment rate, 7.9% and the number of unemployed, 12.3 million both remained essentially unchanged in October following declines in September.   The number of long term unemployed, defined as those jobless for 27 weeks or more, was little changed at 5.0 million.  Those defined as long term unemployed, accounted for 40.6% of the total unemployed.