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Home / Business / Job Report: The US economy added 128,000 jobs in October

Job Report: The US economy added 128,000 jobs in October



American employers added 128,000 jobs in October, the Bureau of Labor Statistics said in its monthly work report.

Meanwhile, unemployment rose slightly to 3.6%, but that was for a good reason: 325,000 Americans began looking for work.

Overall, the report was far stronger than expected, beating economists' forecasts for a gain of 89,000 jobs. A 40-day GM ( GM ) that took about 50,000 autoworkers out of the workforce was expected to serve as a major draw on the labor market. [19659005Mensoktoberrapportenvisteatamerikanskeprodusentermistet36000arbeidsplasserforrigemånedbemerketBLS-kommisjonærWilliamBeachatnedgangenistorgradreflektertestreikeaktivitetNåsomstreikeneroverskulledissejobbenesprettetilbakeinovemberskrevGusFaucherPNC-sjeføkonomietnotattilklienter

"With good employment gains and solid wage increases household income, which will increase consumer spending through the end of 201

9 and into 2020," he said. "The current economic expansion, which is already the longest in US history, appears to continue at least through the first part of next year despite the trade war."

Another bright spot came from strong revisions to previous data, which showed an extra 95,000 jobs were added in August and September together.

The unemployment rate, at 3.6%, is still near a 50-year low. In October, labor market participation rose to 63.3%, the highest level since August 2013.

"Really, there is nothing here to worry about," Thomas Simons, senior money market economist at Jefferies, wrote in a note to clients. "Whatever weakness we see this month (which is not as weak as expected initially) will be added to the November data.

Although the report was strong, hiring has slowed in 2019 compared to 2018 , averaging only 167,000 jobs per month compared to 223,000 last year, given that the United States is in its longest economic expansion in history, those numbers are solid.
US stocks opened up constantly after the report. S&P 500 [19659004] ( SPX ) advanced 0.6%, and Dow ( INDU ) climbed around 150 points, or 0.5% .

"US companies increased their hiring rate in October, suggesting that the worst may be facing the economic downturn, while the Fed's pivot against breaks may be appropriate," said Sal Guatieri, senior economist at BMO.

this week, the Federal Reserve had cut interest rates for a third consecutive month an attempt to stimulate the economy. The central bank acknowledged the risks of growth in the US, but said the economy was generally doing well. The Fed also signaled that it would hold interest rates on hold for the time being.

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