US Economy Adds 204,000 Jobs In October

Written By Unknown on Minggu, 10 November 2013 | 00.02

US employers added 204,000 jobs in October despite a federal shutdown that lasted for 16 days, officially released figures show.

The jobless rate ticked up slightly to 7.3% in October from 7.2% in September, likely because federal workers on forced holidays were counted as unemployed.

Overall, the figures suggested the budget stand-off had a more limited impact on the economy than initially feared.

The Labor Department said there was no "discernible" impact on payrolls from the government shutdown.

The report also showed 60,000 more jobs created in September and August than previously reported, suggesting that the economy had upward momentum heading into the shutdown last month.

"It's an impressively strong jobs number in the face of a government shutdown and underlying weakness in the US economy," Westpac senior currency strategist Richard Franulovich said.

President Obama vows to fix health insurance website The president said the shutdown had damaged the US credibility

Stock futures fell after the report was released at 8.30am local time (1330 GMT), and the yield on the 10-year Treasury note rose.

That suggests investors are worried that the better-than-expected job numbers could prompt the Federal Reserve to pull back on its stimulus efforts soon.

About 800,000 government workers were furloughed for all or part of the shutdown, which lasted from October 1 through October 16 as Congress battled over spending and President Barack Obama's health care overhaul.

The US came close to a deadline for raising its borrowing authority, bringing it to the brink of a potentially devastating default.

Separate figures released on Thursday showed that economic growth accelerated in the July-September quarter to an annual rate of 2.8% - up from 2.5% in the April-June quarter.


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