Jobless Rate Dips to 9%; 80,000 New Jobs In October
The Labor Department said the economy added 102,000 more jobs in August and September than first thought. And the ranks of the long-term unemployed, people out of a job for at least six months, fell sharply to 5.9 million.
Those signs further ease fears of a new recession, which had loomed over the economy this past summer. Europe is wrestling with a debt crisis, however, and even if it dodges catastrophe, a recession there would be a drag on the U.S. economy.
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