US job creation stronger in October after shutdown

Washington: The US economy added a better-than-expected 204,000 jobs in October, according to the latest figures from the Labor Department.

There had been fears that the 16-day shutdown of government services last month could have hit jobs growth.

The latest figures showed that the unemployment rate edged up to 7.3% from 7.2% in September.

The Labor Department said that this was likely to be because many federal workers were counted as unemployed during the shutdown.

The report also said that employers added 60,000 more jobs in September and August than earlier estimates had suggested.

On Thursday, it was announced that the US economy grew at a better-than-expected annual pace of 2.8% in the third quarter.

Investors are watching closely the health of the US economy, with signs of growing strength likely to raise expectations that the US Federal Reserve will begin to scale back its massive economic stimulus program.