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.
April showdowns: 4 key races to watch this month that will test Trump, GOP grip on power
Trump admin unlawfully terminated legal status of migrants who used Biden-era app, judge rules
Alabama Gov Kay Ivey hospitalized following minor procedure, says she is determined to make speedy recovery
After Years of Bashing Straight, Christian, White Men, Dems Reportedly Conclude They Need One to Win WH
Florida Supreme Court keeps ex-cop’s execution on hold after DNA test fails to give a clear answer
Experts Respond to Claims That the Bullet That Killed Charlie Kirk ‘Did Not Match the Rifle’ Allegedly Used by Tyler Robinson
Wisconsin mother stabs teen daughter to death to ‘protect’ her from Elon Musk: authorities
Trump signs executive order overhauling mail-in voting in major election integrity push
Alert: Judge Rules Trump Can’t Build Ballroom, Even with Private Donations, Without Outside Approval
Man charged in ‘particularly heinous’ killing of DC resident found bound and set on fire in ritzy area: police
Family ramps up search for missing coffee shop owner, mother of two, urges public to check cameras
Breaking: Markets Skyrocket as Trump Looks to Iran Endgame, With the Dow up Over 1,000 Points, S&P Booming
State Department Reopens Embassy in Venezuela Following Maduro Capture
Trump says he will attend Supreme Court oral arguments on birthright citizenship challenge
Illegal alien murder suspect avoided system as ICE pushes Dem governor to keep him locked up
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.
