The Bureau of Labor Statistics, which released the report, noted that the strike from General Motors had reduced employment in automotive and parts production. The number of employed persons in these two categories decreased by 42,000. Federal employment fell by around 17,000 as temporary workers employed in the 2020 census completed the work.
Joseph Brusuelas, chief economist at the tax and consulting firm RSM, said that if you worked out the strike and census, the economy would have generated about 1
87,000 jobs in October, and the best monthly average of around 167,000 for years.
"For forward-looking makers and investors, that will be the number you want to hang your hat on in the future," he said in an interview. "It involves strong spending going forward that will prevent the economy from slumping at any time."
He said the numbers did not point to an economic downturn.
"For now, we can take comfort in the fact that there are sufficient labor and wage gains to support the economy and keep it for miles from a recession," he said.
The October gains came primarily from industries such as health and social care, which provided 34,000 jobs, and the leisure and hospitality industry, which provided 61,000.
The news comes on the heels of a mixed bag of signals from September, where The economy added 136,000 jobs, well below average growth of 223,000 per month in 2018, but saw unemployment fall to 3.5 percent, nearly 50-years low. Wage growth has remained stubbornly around 3 percent, astonishing economists who do not understand why it has not risen as the labor market has tightened.
President Trump cheered for the latest figures.
"Wow, a blown JOBS number just out," he wrote . “This is far greater than expected. USA ROCKS! "