Hiring in the U.S. increased more than forecast in October as employers looked past slowing global growth and political gridlock at home.
In the last jobs report before next week's election, a net 171,000 workers were added to payrolls after a 148,000 gain in September that was more than first estimated, Labor Department figures showed today in Washington. The increase exceeded the most optimistic forecast in the Bloomberg survey in which the median called for an advance of 125,000. Unemployment rose to 7.9 percent as more people entered the labor force.
Faster job growth helps explain recent gains in consumer sentiment, laying the groundwork for a pickup in purchases that's helping sustain the expansion in the wake of a weakening global economy. Americans go to the polls on Nov. 6 to decide whether to give President Barack Obama another four years or change course with Republican challenger Mitt Romney.
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