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.
Mystery stranger vanishes after family says frantic warning saved their lives during devastating house fire
WNBA Headache Gets Bigger: More Sophie Cunningham Rallies Scheduled
Nancy Guthrie update: DNA couldn’t be profiled from crime scene hair sample, sheriff says
GOP gubernatorial candidate fighting to flip blue state unveils healthcare plan to lower costs, expand access
WATCH: GOP holdout rejects Trump threat as AG nominee standoff explodes
Total Fraud: Adam Schiff Demands AI Political Parodies Be Banned, Forgets He Lied About Trump and Called It Parody in 2019
Hamas agrees to complete disarmament under ‘historic’ Gaza agreement: Trump
Schiff-backed candidate abruptly ends gubernatorial campaign amid rumblings of a damaging report
Watch: Chuck Schumer Gets in Shouting Match with Heckler During News Conference
Trump Announces Plan to Replace Illegal Alien Truckers with American Veterans
Trump promotes Freedom Haulers Initiative to fast-track military veterans into trucking jobs
Virginia university report finds officials did not disclose student’s terror conviction
Watch: Eagles Defensive Coordinator Repeatedly Mocks Fauci During News Conference
House panel demands classified briefings on noncitizen voting, alleged Chinese election interference
Georgia mother fights off alleged child snatcher with gas pump in surveillance video
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.
