The US unemployment rate edged back up to 5.7 percent in October as businesses cut 5,000 jobs, indicating the employment market remains uncertain for workers and companies amid the nation's bumpy recovery.
October's 5.7 percent jobless rate was up slightly from 5.6 percent in September, and jobs were cut for the second month in a row, the Labor Department reported yesterday.
Cuts came largely in manufacturing, construction and temporary employment services.
The good news is the country's employment situation appears to be moderating, with the jobless rate nudging up and down slightly in recent months instead of surging in one direction.
Meanwhile, another report said consumers cut back on their spending by 0.4 percent in September -- the largest decline in 10 months.
Sharply reduced spending on big-ticket items such as cars led the decline, according to the Commerce Department. Also, Americans' income, which includes wages, interest and government benefits, grew by 0.4 percent in September, on top of a 0.3 percent advance in August, it was reported.
This year's recovery has proceeded in fits and starts as bu-sinesses have remained hesitant to increase spending to modernize and expand production in the face of weak demand, a plunging stock market and falling consumer confidence.
The economy's struggles likely will be weighing on Americans' minds as they head to the polls Tuesday for mid-term elections. Democrats and Republicans are blaming each other for the economic woes and job losses in their campaigns to win control of Congress.
Economists fear that continued job losses will crimp consumer spending, which has been the driving force for the recovery as Americans have responded to the lowest interest rates in four decades to push sales of autos and homes to record levels.
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