THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Saturday, November 5, 1994 TAG: 9411050621
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
SOURCE: Associated Press
LENGTH: Short : 28 lines
Unemployment dipped to a four-year low in October and hourly wages rose at the fastest pace in 11 years - good news for workers but a fresh sign to economists that interest rates may be going up again.
The Labor Department said the jobless rate fell to 5.8 percent last month, the lowest level since October 1990. The report also showed the average hourly wage - an 8-cent increase - posting the biggest one-month gain since September 1983.
Nonfarm payrolls grew a moderate 194,000 last month, smaller than the 230,000 to 250,000 most economists were expecting. Most of the new jobs were in the service sector, where 153,000 new hires were reported. That included 51,000 retail positions. About 5,000 new construction jobs were created. Hiring at various levels of government was down by 4,000. ILLUSTRATION: Color chart
by CNB