The Bureau of Labor Statistics, which released the report, noted that the General Motors strike dragged down employment in auto and parts manufacturing. The number of employed workers in those two categories declined by 42,000. Federal employment decreased by about 17,000, as temporary workers engaged in the 2020 Census completed their work.
Joseph Brusuelas, the chief economist at the tax and consulting form RSM, said that if you factored out the strike and the Census workers, the economy would have generated about 187,000 jobs in October, besting the monthly average of about 167,000 for the year.
“For forward looking policy makers and investors that would be the number you want to hang your hat on going forward,” he said in an interview. “That implies strong spending going forward which will prevent the economy from entering a downturn anytime soon.”
He said the numbers did not point to an economic slowdown.
“For now we can take solace that there are sufficient job and wage gains to support the economy and keep it miles away from any recession,” he said.
The gains in October came primarily industries like health care and social assistance, which added 34,000 jobs, and leisure and hospitality industry, which added 61,000.
The news comes on the heels of a mixed bag of signals from September, in which the economy added 136,000 jobs, well below average growth of 223,000 per month in 2018, but saw the unemployment rate fall to 3.5 percent, a nearly 50-year low. Wage growth has remained stubbornly around 3 percent, puzzling economists who don’t understand why it has not risen as the job market has tightened.
President Trump cheered the latest numbers.
“Wow, a blowout JOBS number just out,” he wrote. “This is far greater than expectations. USA ROCKS!”
Read more:
https://www.washingtonpost.com/business/2019/11/01/us-economy-added-jobs-october-gm-strike-displaced-workers-jobless-rate-ticks-up-percent/
2019-11-01 12:38:00Z
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