U.S. Payrolls Rise More Than Expected

October gain of 171,000 jobs is accompanied by rise in jobless rate to 7.9%.

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.

Temporary Agency

One of those newly employed, Micaela Padilla from Columbus, Ohio, has been at work for about a week after searching since July. To help secure her position at the temporary agency where she works in fund-raising for the Leukemia & Lymphoma Society, the 31-year-old took career classes at New Directions, a non- profit career counseling organization in her city.

Iowa Lead

Obama leads Romney by six percentage points in Iowa among likely voters and is out front by smaller margins in New Hampshire and Wisconsin, according to a NBC News/Wall Street Journal/Marist College published yesterday.

Global Economy

The weak global economy and the fiscal cliff have prompted some companies to begin cutting back. Spending on equipment and software was unchanged in the third quarter, the weakest reading in three years, a report from the Commerce Department showed on Oct. 26.

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