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WASHINGTON (AP) -- Government data due out Friday is expected to show the nation's unemployment rate remained steady in October despite continued turmoil in the mortgage market and the worst U.S. housing slump in 16 years. Wall Street economists surveyed by Thomson/IFR predict the unemployment rate remained at 4.7 percent in October and that payrolls grew by 85,000, compared with growth of 110,000 in September. The Labor Department is scheduled to release the October data at 8:30 a.m. EDT. The department on Thursday said new applications for unemployment benefits fell by 6,000 to 327,000 last week. The decrease beat Wall Street expectations with economists predicting a drop of 1,000 claims. The government's four-week moving average of new claims, which smooths out week-to-week fluctuations, did rise by 1,750 to 327,000. But most jobs news was bleak this week. New York-based Bear Stearns Cos., the nation's fifth-largest investment bank, cut 300 jobs to reduce costs as it continues to deal with the credit market turmoil. Meanwhile, automaker Chrysler LLC said it plans to cut up to 12,000 jobs to trim costs and match slowing demand for some vehicles. Insurance brokerage Aon Corp. said it will cut 2,700 jobs as part of a restructuring designed to help offset strong competition and falling rates. Elsewhere, French-American telecommunications equipment maker Alcatel-Lucent SA said it plans to slash another 4,000 jobs after reporting a third-quarter loss. The cuts are in addition to the 12,500 announced in February, but Alcatel-Lucent Chief Executive Patricia Russo declined to specify what company locations will be affected.
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