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.
Far Worse Than Previously Reported: Big Tech’s Ticking Time Bomb Is a Massive Financial Exposure Tied to AI
Second Amendment Declared ‘Extinct’ in SCOTUS Brief Over Gun Ban
Democratic senator-elect calls Trump ‘unserious fool’ while defending combative political style
GOP eyes Senate comeback after Democratic bloodbath, but another political nightmare could await
Democrats set sights on Elon Musk probe after midterm wins, but Pritzker draws a surprising line
DeSantis blasts Washington Post over report he’s preparing 2028 presidential bid
Denver man found dead at bottom of national park canyon beneath steep drop-offs
US offers $20 million reward for information on Iran’s nuclear program
Trump highlights NASA nuclear-powered Mars spacecraft mission planned for 2028
SPLC was once suspected of more crimes than current charges show
Armed Illegal, Freed in Biden Era, Detained at White House
Meghan Markle’s Father Could Die in Prison If He’s Convicted on Child Porn Charges
NYC Woman Literally Vomits After Learning Slap on Wrist Given to Man Who Stabbed Her 22 Times in Front of Her Daughter, 3
Three States Carry Out Executions on the Same Day in Rare Occurrence
Newly Elected Congressional Democrat Due to Face Felony Charge in Court
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.
