Job creation was much stronger than expected in October.
The U.S. economy added 128,000 jobs for the month and the unemployment rate rose to 3.6 percent, higher than the month before but still near a 50-year low.
Economists had expected the economy to add 75,000 jobs, with forecasts ranging between 55,000 and 155,000, according to Econoday. That unusually wide range was caused, in part, by differing views of how the General Motors strike would hit employment at suppliers and related businesses.
Unemployment was expected to tick up to 3.6 percent.
Michigan Senate hopeful Abdul El-Sayed’s unapologetic embrace of Hasan Piker
Terror suspects indicted after allegedly throwing bombs at NYC protest outside mayor’s mansion
A-10 Warthog given new maritime role targeting boats in Iran after efforts to retire aircraft
Breaking: Oil Plummets After Trump Announces Iran Ceasefire
Abortion pill mifepristone stays available by mail for now as FDA faces 6-month review deadline
Pope Leo calls out Trump’s Iran rhetoric before last-minute ceasefire emerges
Liberals tighten grip on battleground state Supreme Court in low-key but high-stakes election
American couple chasing retirement dream in Bahamas boating mystery were ‘inexperienced’: Friend
Swalwell campaign rejects ‘outrageous’ allegations of sexual misconduct as Dem activists issue viral warning
Watch: The Country Would ‘Come Unglued’ – Tim Burchett Reveals Alien Life Briefing He Attended 2 Weeks Ago
Texas man tackled by church security after bringing loaded gun, ammo to Houston service
ESPN Set to Begin Layoffs Due to ‘Unexpected Revenue Dip’: Report
Trump-backed Republican pads GOP’s fragile House majority by winning showdown for MTG’s former seat
Michigan Senate hopeful Abdul El Sayed labels Trump Netanyahu’s ‘dumba**’ over Iran war
UK Bans Kanye West: Rapper’s Presence Not ‘Conducive to the Public Good’
Prior months were revised upward, indicating that the labor market has been much stronger than initial reports suggested. August’s initial 168,000 was revised up to 219,000. September’s soared from 136,000 to 180,000. Those revisions brought the three-month average up to 176,000.
The strength of the labor market was even more impressive because of the drag created by the GM strike and the government shedding workers it hired to conduct the census. The manufacturing sector shed 37,000 jobs in the month, many of which economists expect will be added back now that GM workers are back on the job. The government cut back by 17,000 jobs.
The pace of average hourly earnings rose by one-tenth of a percent to a year-over-year 3 percent gain. The average workweek was unchanged at 34.4 hours.
Story cited here.
