(The Guardian) US beats forecasts with 261k extra jobs last month
Just in: the US economy added 261,000 jobs in October, more than forecast, in a sign that America’s labor market remains pretty robust.
The latest Non-Farm Payroll jobs report beat expectations, despite the pressure from high inflation and rising interest rates. Economists had forecast a rise of around 200,000 jobs.
Average hourly earnings rose by 0.4% month-on-month, more than the 0.3% expected. And September’s report has been revised up, to show 315,000 new hires, from 263,000 first estimated.
But, the unemployment rate has risen to 3.7%, from 3.5%, with the number of unemployed people rising by 306,000 to 6.1 million.
There were “notable job gains” for Americans in health care, professional and technical services, and manufacturing last month, the Bureau for Labor Statistics reports.
For example:
--Professional and technical services added 43,000 jobs in October.
--Manufacturing added 32,000 jobs in October, mostly in durable goods industries (+23,000).
--Employment in social assistance increased by 19,000 in October and is slightly below (-9,000) its prepandemic level in February 2020
--Wholesale trade added 15,000 jobs in October.
--There were 35,000 new jobs in leisure and hospitality, with accommodation adding 20,000 jobs
Just in: the US economy added 261,000 jobs in October, more than forecast, in a sign that America’s labor market remains pretty robust.
The latest Non-Farm Payroll jobs report beat expectations, despite the pressure from high inflation and rising interest rates. Economists had forecast a rise of around 200,000 jobs.
Average hourly earnings rose by 0.4% month-on-month, more than the 0.3% expected. And September’s report has been revised up, to show 315,000 new hires, from 263,000 first estimated.
But, the unemployment rate has risen to 3.7%, from 3.5%, with the number of unemployed people rising by 306,000 to 6.1 million.
There were “notable job gains” for Americans in health care, professional and technical services, and manufacturing last month, the Bureau for Labor Statistics reports.
For example:
--Professional and technical services added 43,000 jobs in October.
--Manufacturing added 32,000 jobs in October, mostly in durable goods industries (+23,000).
--Employment in social assistance increased by 19,000 in October and is slightly below (-9,000) its prepandemic level in February 2020
--Wholesale trade added 15,000 jobs in October.
--There were 35,000 new jobs in leisure and hospitality, with accommodation adding 20,000 jobs
