Unemployment rate lowest in nearly 5-1/2 years
The U.S. unemployment rate dropped to a 5-1/2 year low in October as 92,000 jobs were added and hiring in the two prior months was revised up, the government said on Friday, leading financial markets to slash bets on interest-rate cuts.
The stronger-than-expected job picture sent shock waves through financial markets. Bond prices fell while stock futures and the dollar moved higher on the signs of unexpectedly robust U.S. hiring.
The Labor Department said 92,000 jobs were added in October, less than the 125,000 that Wall Street analysts had forecast, but it said hiring in September and August was far stronger than it first estimated.
It revised up September’s job-creation total to 148,000, or nearly three times the 51,000 it reported a month ago, and said there were 230,000 new jobs in August instead of 188,000.
The unemployment rate fell in October to 4.4 percent from 4.6 percent in September. It was the lowest unemployment rate since 4.3 percent in May 2001.

Well, sh*t. Nobody wants news like that.

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