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.
NASA astronaut who was stuck in space retires after 27-year career
Mamdani Turns Into Kamala Harris on ‘The View’ – Responds With Gibberish to Question on Aides’ Rabid Anti-White Racism
Mexico flies 37 cartel members to US under pressure from Trump admin
Trump set to meet with foreign leaders at the World Economic Forum and more top headlines
Ex-NFL reporter launches GOP Senate bid, reveals how she will flip script on state’s ‘crisis of leadership’
Davos braces for Trump as even he admits: ‘I have no idea what’s going to happen’
What will Trump’s Greenland obsession mean for the future of NATO?
Crime, guns, and taxes: Democrats seek to reshape Virginia moments after taking power
Georgia teen arrested after father turns him in following pair of shootings, police say
Cause of death revealed weeks after woman died following Universal Orlando ride: report
Gov Whitmer says America ‘ready for a woman president,’ contrasting Michelle Obama
Air Force One turns around shortly after takeoff for Trump’s trip to Switzerland
Lindsey Halligan leaves US attorney post after weeks of judicial scrutiny
Former Trump lawyer accuses federal judge of making ‘baseless accusations of lying’ after departure
Missouri couple accused of locking teens in chicken pen, shooting them with BB guns in abuse case
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.
