US adds 80,000 jobs in October, unemployment drops to 9.0%

04 November 2011 15:37  [Source: ICIS news]

HOUSTON (ICIS)--The US added 80,000 jobs in October, the Department of Labor (DOL) said on Friday, bringing the unemployment rate down to 9.0%.

The total number of jobs added was the fewest in four months. In September, 158,000 jobs were added, according to revised statistics from the DOL.

However, October's numbers were enough to bring the unemployment rate down slightly from 9.1%.

The pace of hiring was still well short of the 150,000 new jobs the US economy needs to generate each month just to accommodate new workers entering the employment market.

In normal economic times, the US would generate 250,000 new jobs each month.

If the persistently high unemployment rate of around 9% is to be brought down in any significant way, the nation would have to generate new jobs at a pace of 300,000 or more per month.

Meanwhile, the chemical sector lost 2,800 jobs in October, falling to 782,800. The plastics and rubber sector lost 1,600 jobs from September, falling to 630,900.

Hiring in October was fuelled by job growth in professional and business services, leisure and hospitality, health care and mining.

There were 13.9m unemployed Americans in October, the DOL said.

Paul Hodges studies key influences shaping the chemical industry in Chemicals and the Economy

By: Bobbie Clark
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