CNBC Article
Payrolls rose by 128k this October exceeding the expected 75k predicted by economists. Previous months also saw re-estimation that brought up their numbers. The unemployment rate did increase by 0.1%, from 3.5% to 3.6%. Hourly wage also rose by 0.1% to a 3% gain year-over-year. This comes in contrast with the 42k jobs lost in the automobile industry due to the GM strike that has since been settled. The losses here are also less than what economists expected, which was 50k. The unemployment rate still is at around the lowest in 50 years. These figures imply that the US economy is holding strong and steady and is set to reassure some of those with doubts on future economic growth, understandable in the face of the US-China trade war still looming. Also, those new estimates for previous months increased jobs gained by 96k. This information all supports Fed officials assessments that the US economy is yet to head to recession.
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