October Jobs Rise by 56,000; Unemployment Drops to 5%

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.S. payrolls rose by 56,000 jobs in October and the nation’s unemployment rate fell to 5% from 5.1%, the Labor Department said Friday.

The jobs gain was less than economists’ forecasts of a 120,000 gain, Bloomberg reported, and followed a drop of 8,000 jobs in September that was fewer than the 35,000 decline originally reported.

Analysts had forecast the unemployment rate to hold at 5.1%, Bloomberg said.

Because employment levels drive so much economic activity, an increase in employment can help consumer confidence and spending patterns, which affect trucking demand.

Manufacturing employment rose by 12,000 jobs, higher than a forecasted decline, following a 28,000 drop in September.

Service-industry employment, which includes retailers, banks and government agencies, rose by 7,000 following a 5,000 increase in September, Labor said.

Among service industries, retailers' payrolls fell by 5,400 while temporary help services jobs rose by 11,000. Construction employment jumped by 33,000.

The manufacturing workweek rose to 41 hours from 40.6 hours, while overtime held at 4.5 hours, Labor said.