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.
British authorities arrest dual national on suspicion of ‘preparation of terrorist acts’ in RAF Fairford case
Breaking: Execution of TN Woman Goes Bad: 2 Lethal Injections Leave Subject Snoring, Very Much Alive
Indian Flydubai pilot ‘recovering well’ in hospital: Ambassador
California governor debate turns into Trump-Newsom proxy war
10 Democrat-held House seats Republicans could flip to save their majority
Trump’s new high-tech government hub holds some bizarre surprises: ‘Enjoy finding them’
Breaking: Israel Says Hijacker ‘Underwent Islamist Radical Indoctrination’ Before Trying to Crash Plane of Jews
National Guard deployment tallies up $49 million in food costs alone
Man Who Took Explosives to Mass for SCOTUS Justices Gets Mindboggling Sentence Thanks to Obama Judge
Loyal dog fetches police to help owner who fell at Kansas home
Sotomayor denies mom’s bid to get son into elite NYC school amid racial discrimination fight
Ranchers are furious about diesel prices and beef imports. Could it cost Republicans a Senate seat in Kansas?
Biden DOJ Senior Prosecutor Hit with Criminal Referral Amid ‘Troubling if True’ Allegations
Christa Pike was set to be the first woman to be executed in Tennessee in 200 years before botched attempts: What to know
Former Arizona fraternity leader sentenced to jail time after pledge dies in off-campus hazing
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.
