Jobless Rate Stays at 7.9 Percent

The U.S. unemployment rate ticked up slightly to 7.9 percent in October, a disappointing return to reality after the jobless rate dropped so dramatically in September. According to the monthly jobless report released by the Bureau of Labor Statistics, the U.S. added just 171,000 jobs in October, keeping the unemployment rate flat. But the report did reflect that U.S. companies stepped up their payrolls in October as the economy added more jobs, with the unemployment rate only increasing due to a surge of people entering the workforce. The number comes on the heels of the September report that showed the unemployment rate dropped below 8 percent for the first time in four years. The bureau warned that the survey was conducted prior to Hurricane Sandy, and that the financial impact of the storm had yet to be factored in.