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.
Socialists capture major Florida victory on hit-or-miss night for Trump-endorsed primary candidates
Inside the tension that drove Trump’s South Korea alliance from ‘historic new era’ to military pullback
State of play: What to know about California showdown to replace Swalwell after massive scandal
Former state rep tops ranked-choice slugfest as Alaska advances nominees for governor
America’s reddest state crowns GOP governor nominee
Democrats pick their fighter for uphill bid to flip deep-red Senate seat
69 live animals found stuffed in pillowcases in hidden car compartment after border arrest: Feds
Prosecutors hammer Tyler Robinson’s bid to derail death penalty in Charlie Kirk murder case
Maryland rocked by third beaver attack in weeks after 2 animals test positive for rabies
Never-Trump Republican is top Dem choice in crucial Florida primary
Trump’s support doesn’t save scandal-plagued lawmaker in primary
Pearl-Clutching Progressives Destroyed Political Discourse
40 looters ransack family-run California business during massive street takeover
Humiliation: Harry and Meghan’s Movie Defeated by Cat Video Compilation … Despite Opening in Almost 2x as Many Theaters
This Airline Will Now Start Charging Passengers for Space in Overhead Compartments
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.
