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.
A 7.8 magnitude quake in the Philippines kills at least 32, collapses buildings and sparks tsunami
Lead Mangione detective says silencer found in case was unlike anything he’d seen in 25 years
Israel Strikes Inside Iran After ‘Fanatical Regime’ Targets Residential Areas with Missiles
Major Defense Contractor Unveils New Tech to Stop Drone Swarms
‘Auramaxxing’: How the Trump administration is beautifying DC ahead of America 250
NYC Mayor Zohran Mamdani says the Democratic Party ‘lost its focus on working people’
Why Trump picked Bill Pulte to lead US intelligence as critics question his qualifications
Leftist Seattle Mayor Walks Back Criticism of Major Company After It Starts Shifting Jobs to Nashville
Illegal Alien Gets Into Car Crash Near Another Illegal Alien Getting Arrested
Noncitizens on voter rolls in Democrat-run state exposed as RNC chair pledges secure elections
Walz administration ignored fraud warnings as billions vanished, House oversight report alleges
Walz administration used outside investigators to punish whistleblowers, oversight committee finds
Karmelo Anthony trial consumed by race and self-defense, but hidden hurdle could be key: expert
Raman overtakes Spencer Pratt in razor-thin race, AP count shows, but race remains uncalled
Spencer Pratt falls behind Nithya Raman in LA mayoral race after latest vote update
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.
