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Financial News: U.S. Employment Jumps Much More Than Expected In

U.S. Employment Jumps Much More Than Expected In October

11/01/2019 - 08:43:00 (RTTNews)

(RTTNews) - Even with a strike by workers at General Motors (GM) weighing on manufacturing employment, the Labor Department released a report on Friday showing much stronger than expected job growth in the month of October.

The Labor Department said non-farm payroll employment climbed by 128,000 jobs in October compared to economist estimates for an increase of about 89,000 jobs.

The report also showed substantial upward revisions to job growth in September and August, with revised data showing employment jumped by 180,000 jobs and 219,000 jobs, respectively.

With the upward revisions, employment gains in September and August combined were 95,000 more than previously reported.

Despite the stronger than expected job growth, the report said the unemployment rate inched up to 3.6 percent in September from 3.5 percent in August. The uptick matched economist estimates.

The unemployment rate crept up from the nearly 50-year low hit in the previous month as a 325-person jump in the size of the labor force more than offset a 241,000-person increase in the household survey measure of employment.

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