WASHINGTON — The American job market improved modestly in October, and economists looking deeper into the numbers found reasons for optimism — or at least what counts for optimism in this agonizingly slow economic recovery.
The nation added 80,000 jobs. That was fewer than the 100,000 that economists expected, but it was the 13th consecutive month of job gains. Fears of a new recession that loomed over the economy this summer have receded.
The unemployment rate nudged down, to 9 percent from 9.1 in September.
“Those are pretty good signs,” said Michael Hanson, senior economist at Bank of America Merrill Lynch. “We’re hanging in there.”
No one looking at Friday’s report from the Labor Department saw a quick end to the high unemployment that has plagued the nation for three years. The jobless rate has been 9 percent or higher for all but two months since June 2009.
The government uses a survey of mostly large companies and government agencies to determine how many jobs were added or lost each month. It uses a separate survey of households to determine the unemployment rate.
The household survey picked up a much bigger job gain — 277,000 in October, and an average of 335,000 per month for the past three months. The household survey picks up hiring by companies of all sizes, including small businesses.
The household survey is more volatile and less comprehensive than the other survey and is not followed as closely by economists. Still, job growth in the household survey has not been this strong for three months since the end of 2006.
