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.
Susie Wiles reveals brutal toll of fighting cancer while running Trump’s White House
Woman found dead with unexplained trauma in Central Park as NYPD searches for answers
John Fetterman accidentally calls himself a ‘lifelong Republican’ at Texas Tribune Festival
University Scrubbed Pentagon-Funded Professor’s Ties to CCP: Report
SCOTUS Climate Suit Could Devastate Family Farms, Give China and Russia an Edge: Expert
Ozempic Maker Teams Up with Big AI for New Drug Development
Breaking: ‘They Were Looking to Do Big Damage’ – Trump Speaks Out on Terror Plot as Photo of Suspects Goes Viral
Texas voters have plenty to say about whether Lone Star State could turn blue
Texas clinic owner convicted in $26M military health fraud tied to gold-plated Cybertruck
Irish PM rejects antisemitism concerns in Ireland amid dramatic vote over boycotting Israel game
Tim Tebow Announces He’s ‘Pausing’ Relationship with Christian Group Targeted by Liberal Reporter
Trump Terminates ‘Ridiculous’ Biden-Buttigieg EV Mandate with Sweeping New Fuel Standards
Trump’s Greenland obsession isn’t random. Here’s what’s at stake
Trump reaffirms ICE arrest policy after confusing guidance sparks alarm among agents
Disturbing Video: ‘One of the Most Horrific Things I’ve Seen’ – Journalists Disgusted as Illegal Nearly Drowns Toddler in Effort to Cross Border
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.
