There were both treats and tricks in the October jobs report.
The U.S. economy created 261,000 jobs in October while the unemployment rate fell slightly to 4.1 percent, according to the Bureau of Labor Statistics’ monthly report issued Friday. Unemployment is at its lowest level since December 2000.
Economists had expected 325,000, forecasting that the economy would bounce back from a disappointing September. Last month, hurricane effects dragged down job creation and the economy created just 18,000 jobs. It appears that the rebound was weaker than many economists expected.
Previous months were revised up. September was initially reported as a loss of 33,000. Thirty-nine thousand jobs were added to the August total.
Wage growth was weak, with hourly earnings falling by one cent.
Bars and restaurant jobs rose sharply, adding 50,000. Professional services added 50,000 jobs. Manufacturing added 24,000 jobs and construction was unchanged at around 11,000 jobs.