US adds a higher than expected 128,000 jobs in October
The U.S. economy added 128,000 jobs in October, exceeding the expectations of many economists, and signaling growth in spite of a high-profile labor strike at General Motors that was expected to knock the employment numbers down.
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Jobs in food and drink service places jumped by 48,000 last month. This may have offset the employment numbers in motor vehicles and manufacturing which was down 42,000 due to to the strike, according to Bureau of Labor Statistics data released Friday.
The average monthly job gain in 2019 so far has been 167,000 a month, down from the average gain of 223,000 a month in 2018.
In addition to food and drink services, jobs in social assistance (up 20,000 jobs) and financial activities (up 16,000 jobs) increased in October.
Employment in health care also saw gains of 15,000 more jobs in October, following a trend from the past year. Over the last 12 months, the health care sector has added 402,000 jobs to the economy.
Unemployment remained relatively the same at 3.6%, up slightly from last month’s 3.5% rate.
President Donald Trump was quick to react to the news on Twitter, calling the report “blowout” numbers and writing: “USA ROCKS!”
Wow, a blowout JOBS number just out, adjusted for revisions and the General Motors strike, 303,000. This is far greater than expectations. USA ROCKS!