Unemployment rises to 7.9 percent; 171K jobs added

The U.S. economy added 171,000 new jobs in October and the unemployment rate inched up to 7.9 percent from last month's reading of 7.8 percent; August and September job creation totalswere revised higher by a total of 84,000, putting average monthly job creationthis year at 157,000, slightly ahead of the 2011 pace of 153,000. Despite the uptick in the jobless rate, economists said the latest data show that the labor market is improving. The number of employed adults relative to the broaderpopulation, a key measure ofthe job market's health, rose to 58.8 percent, its highestevel since August of 2009. The number of people seeking full-time positions who are forced to work part-time also fell by 269,000 jobs. In another sign of progress, more people are voluntarily quitting their jobs, suggesting that they have more confidence about their chances of finding a better job. "The October payroll survey showed a brighter picture of the labor market, both in faster headline job creation and in upward revisions to previous months," said NigelGault, chief U.S. economist for IHS Global Insight, in a statement. "There was good news in both construction and retail employment,