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.
It’s Time to Let States Lead on Paid Family Leave
Primary showdown: Polls close in Tennessee as conservative firebrand eyes governor’s office
EXCLUSIVE: Michigan House speaker calls for answers over $300M taxpayer-funded Rx Kids program
Amazon Investigating After Footage of Delivery Driver Refusing to Take ‘Extra Two Steps’ Goes Viral
Senate scrambles for the exit amid outstanding to-do list: ‘Clear as mud’
Death Toll Hits Triple Digits, Thousands of Africans Remain in Spanish City in Aftermath of Invasion
Doctor Charged in Massive Medicare Fraud Scheme That Allegedly ‘Exploited Elderly Patients’ and Taxpayers
Keeping Strait of Hormuz toll-free is paramount concern for international bodies as Iran-Oman negotiations drag
Trump signs executive orders targeting birthright citizenship, birth tourism after Supreme Court setback
Missouri neighbor accused of killing mother and teen daughter after confronting family over dispute
Foreign drunk drivers could face swift boot out of country under Trump’s ‘America first’ crackdown
WATCH: Dashcam captures the split second a routine Tennessee traffic stop goes sideways
Fauci’s Nightmare Worsens – Guess Who Just Got a Copy of His COVID-Era Phone?
Trump allies push to arm president with new tariff weapon to punish countries ‘ripping off’ America
Reporter’s Notebook: Summer ends, but the Senate’s fall crunch begins
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.
