October Unemployment Falls to Five-Year Low

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.S. companies added 92,000 workers in October, pushing the unemployment rate down to a five-year low of 4.4% for the month, the Labor Department reported Friday.

The declines follow a revised increase of 148,000 in September and a drop in the unemployment rate to 4.6%, Bloomberg said.

Job gains were below economists’ predicted level of 123,000, while the unemployment rate fell lower than the 4.6% analysts expected, Bloomberg said

The unemployment rate is based on a survey of households. The number of payroll jobs added is determined by a separate survey of business and government establishments.

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