Unemployment rate rises, total jobs increase in October

The number of jobs increased throughout the country during October, despite a slight jump in the national unemployment rate, according to a report from the Bureau of Labor Statistics.

The number of jobs increased throughout the country during October, despite a slight jump in the national unemployment rate, according to a report from the Bureau of Labor Statistics.

October had approximately 171,000 job gains, which was above the average for this year. However, the unemployment rate rose to 7.9 percent, slightly higher than the previous month's 7.8 percent, the report noted. The number of those who were unemployed for 27 weeks or more was 5 million, and this was more than two-fifths of all unemployed people around the country.

"Jobs are expanding despite all this expression of business caution," Maury Harris, chief economist at UBS Securities, told Bloomberg. "You continue to see improvements in people’s perceptions of what’s happening in the job market."

As more consumers regain jobs, they may be in a better position to take out a mortgage and purchase a home. According to property data from the National Association of Realtors, home sales rose to a rate of 4.75 million in September, which was 11 percent higher than the same month in 2011.



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