U.S. payrolls, unemployment rose in Oct.

November 03, 1992|By Bloomberg Business News

WASHINGTON -- U.S. payrolls gained 18,000 jobs in October, according to the average of 12 forecasts in a survey.

The unemployment rate, based on a separate survey of households, rose to 7.6 percent last month, the Bloomberg survey said.

The Labor Department is scheduled to release the report Friday morning. In September, payrolls shrank by 57,000 jobs and the unemployment rate declined to 7.5 percent.

"The economy is in the same doldrums it's been in," said Sam Kahan, chief economist at Fuji Securities in Chicago. "There's no big collapse, but there's no big upturn either."

Most of the modest gain in payrolls is expected to show up in the service industries. Manufacturing industries, which lost thousands of jobs during the recession, dismissed more workers.

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