Home Business Economy & Politics US Adds 128,000 Jobs In October 2019

US Adds 128,000 Jobs In October 2019

According to Labor Department data, US companies added 128,000 new jobs, ahead of a forecast 85,000 rise, during October, when thousands of workers walked out at General Motors.

Last month’s employment was more resilient than expected despite the impact of strike action at the auto maker.

The unemployment rate edged up slightly to 3.6% from 3.5% in September, which had been the lowest rate since 1969.

According to analysts, the data supported the Federal Reserve’s comments earlier this week that the economy is in good shape.

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President Donald Trump immediately praised “blowout” jobs data, stating that adjusted employment figures showed growth of 303,000 roles. However, this includes upgrades to figures from previous months and other adjustments.

He tweeted: “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!”

The jobs data for August and September was revised upwards. In August, 51,000 more roles than originally thought were added to the US economy and 44,000 more jobs were created in September.

The data from the Labor Department showed that the manufacturing sector shed 36,000 positions last month, the biggest fall for a decade.

However, within manufacturing, employment in the motor vehicles and parts sector declined by 42,000 because of the strike at GM. Striking employees are treated as unemployed in the US statistics.

The White House said that 60,000 jobs were affected by the GM strikes.

Public sector payrolls fell in October because 20,000 temporary workers who had been preparing for the 2020 Census completed their work.

On October 30, the Federal Reserve cut the key interest rate, but signaled that there would not be further reductions in the near term.