Payrolls increased in 35 states in October, while the unemployment rate dropped in 37, showing much of the U.S. labor market is gaining traction.
California led the nation with a 45,800 advance in employment, followed by Texas with 36,600 more jobs, figures from the Labor Department showed today in Washington. The jobless rate dropped the most in South Carolina, Alaska and Wisconsin.
National employment figures indicate the labor market has regained strength after stumbling in the middle of the year, with the jobless rate falling below 8 percent for the first time since 2009. Future hiring gains may be limited as companies wait to see whether the more than $600 billion in tax increases and spending cuts slated for the start of 2013 take effect.
“There’s been a little bit stronger payroll growth because there’s been a little bit stronger economic growth,” George Mokrzan, director of economics for Huntington National Bank in Columbus, Ohio, said before the report. “As long as we don’t go over the fiscal cliff, the economy will continue to expand at a moderate pace, which means continued modest payroll gains.”
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