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.
Army cuts helicopters, pushes ‘Amazon for war’ as drone combat reshapes military
Massive SPLC-linked grant under fire as watchdog exposes ties to middle school programs
Fox News True Crime Newsletter: Alex Murdaugh’s new defense, Luigi Mangione’s decision, Tyler Robinson’s fight
Rep. Tom Kean Jr. says he expects to return to Congress ‘in the next couple of weeks’ after missing 100 votes
Teen suspect tied to 12 attacks in chaotic Austin shooting spree identified as illegal alien
More than 300 arrested in sprawling California crackdown on child exploitation crimes
Former US attorney charged with felony hit-and-run after Houston crash, police say
Plan for Trump’s ‘Triumphal Arch’ Clears Another Important Hurdle with DC Commission Approval
Texas congressional candidate claims she never called for ‘internment camps’ after party leaders condemn her
UK Cops Handcuffed Dying Stabbing Victim for Racially Insulting Sikh Who Allegedly Stabbed Him
Watch: ‘Survivor’ Host’s Awkward Blunder During Live Finale Spoils Results
Breaking: NASCAR Champion Kyle Busch Dead at Age 41
DHS touts millions of illegal immigrant departures as border crossings drop 94% under Trump
‘A Galactic Blunder’: Senate Goes on Recess Until June, Missing Trump’s Deadline for ICE Funding Bill
Democrats revolt over ‘biological’ wording in women’s history museum bill
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.
