So much for jobs growth negativity.
Despite the General Motors’ strike, the U.S. added 128,000 jobs in October, beating estimates for an addition of 75,000.
In addition, September payrolls were adjusted higher from 136,000 to 180,000. While the unemployment rate did tick higher to 3.6% (in line with estimates), it’s still at its lowest point in 50 years. All help to ease concerns the U.S. economy is teetering on the brink of recession.
Food services added 48,000 for the month of October. This industry has seen a surge in job creation, adding an average 38,000 jobs a month, as noted by CNBC. “While those positions are generally associated with lower wages, they also can reflect consumer demand and the willingness to spend discretionary money.”
Professional and business services added 22,000 jobs. Health care was up by 15,000. Social programs added 20,000. Unfortunately, we did see job losses in manufacturing (-36,000), as part of the General Motors strike.
As for wage growth, it was up 0.2% to $28.18. The 12-month rate of hourly wage increases remained unchanged at 3%.