"October job growth soars past Wall Street's expectations, brushing off GM strike
U.S. hiring was unexpectedly solid in October, as the economy added 128,000 jobs, brushing off the weight of the 40-day General Motors strike.
The payroll number far exceeded the estimate of 89,000 from economists surveyed by Refinitiv (the lowest forecast in more than two years), even with a decline of 42,000 jobs in motor vehicles and parts manufacturing because of the workers' strike and 20,000 temporary census workers leaving their jobs.
The unemployment rate edged slightly higher to 3.6 percent as more people were looking for work, but continued to hover near a 50-year low. The labor force participation rate was little changed at 63.3 percent. Average hourly earnings, meanwhile, rose by 3 percent over the past year to $28.18.
The report further alleviates concerns that the U.S. economy is teetering on the brink of a recession, and reinforces the Federal Reserve's characterization of the labor market as "strong". It also affirms the central bank's decision to press pause on further interest rate cuts this year, after it voted this week to lower the benchmark federal funds rate for the third time....."https://www.foxbusiness.com/markets/oct ... ors-strike