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.
DNA Links Grizzly Bear Mom and Her Cubs to Fatal Mother-Daughter Mauling – All 4 Bears Hunted Down and Killed
Cape-Wearing Leftist Arrested at Texas University for Allegedly Striking 3 with Cane at TPUSA Event
Suspected DUI driver arrested on 3 murder counts after deadly North Hollywood crash, police say
Twice-deported United cockpit suspect granted asylum after transgender persecution claim: DHS
As Ilhan Omar Gloats Over Islamic Wins, Idaho Muslim Sentenced for Plot to Massacre Christians with Explosives, Knives, Firearms
Illegal immigrant arrested after dragging, striking ICE officer in Chicago suburb: DHS
Jeffries leaves door open to investigating major Trump ally as Democrats prepare to take power
ESPN’s Rex Ryan Jailed, Accused of Hitting 2 with His Truck and Fleeing the Scene
Hakeem Jeffries faces progressive holdouts but no rival as House speaker race takes shape
At least 9 new Dem members will carry Al Green’s mantle and try to impeach President Trump
At least 10 new Dem members will carry Al Green’s mantle and try to impeach President Trump
House Freedom Caucus Member Unloads on Fellow Republicans After Midterm Debacle: ‘Nobody Listened to Us!’
Dems projected to score historic upset in deep-red Mississippi, topple Trump ally Hyde-Smith
Latest Ballot Drop Pushes Dem Challenger Over Combined Dan Sullivans’ Votes in AK Senate Race
GOP holdouts complicate Trump’s final chances to reshape US courts
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.
