With Wall Street expecting the first double-digit payrolls report since May, largely as a result of over 40K GM jobs not accounted for due to the strike, and with some whispers even hinting at a negative print, moments ago the BLS surprised once again, reporting that in October, the US added 128K jobs, a huge beat to the 85K expected, with the September payrolls report revised sharply higher to 180K from 136K. The report includes a strike-driven 41,600 decline in automaker payrolls and 20,000 temporary census workers leaving their jobs.
The result of the strike led to a 36K drop in manufacturing jobs.
The unemployment rate rose modestly to 3.6% from a half-century low of 3.5%, and in line with expectations, while the unemployment rate for blacks dropped to a fresh all time lows.
Average hourly earnings climbed 3% from a year earlier, matching projections after an upward revision the prior month, though the 0.2% monthly gain was slightly below the 0.3% estimate.
https://www.zerohedge.com/economics/huge-october-payrolls-beat-128k-jobs-added-black-unemployment-rate-hits-all-time-low
The result of the strike led to a 36K drop in manufacturing jobs.
The unemployment rate rose modestly to 3.6% from a half-century low of 3.5%, and in line with expectations, while the unemployment rate for blacks dropped to a fresh all time lows.
Average hourly earnings climbed 3% from a year earlier, matching projections after an upward revision the prior month, though the 0.2% monthly gain was slightly below the 0.3% estimate.
https://www.zerohedge.com/economics/huge-october-payrolls-beat-128k-jobs-added-black-unemployment-rate-hits-all-time-low
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