In addition to food and drink services, jobs in social assistance (up 20,000 jobs) and financial activities (up 16,000 jobs) increased in October. The government let go of 20,000 short-term workers who had been helping prepare for the 2020 survey. The UAW's 40-day strike against GM ended last week.
Meanwhile, businesses have seen an addition of 131,000 jobs whereas federal, state, and local governments had 3,000 fewer. Economists polled by Reuters had forecast payrolls rising by only 89,000 jobs in October.
US stocks climbed to an all-time intraday high Friday after better-than-expected employment data reassured investors amid the ongoing US-China trade war and talk of an economic slowdown. U.S. stocks opened at all-time highs following the report.
But overall job growth has slowed in 2019 to a monthly average of 167,000, compared to 223,000 past year, as the supply of available workers dwindles and skittish companies hold off on adding workers amid concerns about the US-China trade war.
"The US-China trade war has still not been resolved, the latest data suggests China - for so long the world's engine of growth - is slowing and many parts of the Eurozone are also struggling". "As well as US-Sino trade frictions, tensions with Japan and a stagnating European economy have significantly dented order book volumes at South Korean manufacturers", said Joe Hayes, economist at IHS Markit.
A result of 50 indicates no change, and the distance above or below 50 indicates the pace of growth of contraction respectively.
26000 under evacuation orders near Los Angeles as wildfire burns
In infrared light, unaffected land appears blue, burned vegetation looks rust-coloured, and the active fire glows red and orange. The critical weather warnings came just days after Governor Gavin Newsom declared a statewide emergency because of the fires .
New orders decreased for the sixth straight month, with companies citing the continued Brexit uncertainty weighing on demand.
(Alliance News) - The UK manufacturing sector continued to decline in October, though it improved slightly, outperforming expectations and hitting a six-month high. The survey's factory employment index rose to 47.7 in October from 46.3 in September. The economy grew at a 1.9% annualized pace as consumer spending grew 2.9% - a step down from gangbusters growth in the prior period but exceeding last year's average.
The Federal Reserve this week cut interest rates for the third time in a row, moving to shield the economy from a global slowdown and the effects of the trade wars and other factors slowing the USA and global economies. "If this downbeat note reverberates in a meaningful way to households, spurring an upsurge in job insecurity, the last pillar to fall in a recession - consumer spending - would be at risk of crumbling".
Average hourly earnings for all private-sector workers in October rose 6 cents, or 0.2 percent to 28.18 US dollars, after slightly dropping in September. Wage growth peaked at 3.4 per cent in February.
Also inside the BLS report, those long-term unemployed who have been jobless for 27 weeks or more numbered 1.3 million, and that they accounted for 21.5% of the total unemployed population.
A broader measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they can not find full-time employment, rose to 7 per cent last month from 6.9 per cent in September, which was the lowest level since December 2000.
While the GM strike weighed on jobs, the increase in the unemployment rate reflected growth in the labour force as 325,000 people came off the sidelines to look for work.