US adds 128,000 jobs in October
Washington, Nov 1 (AFP/APP): The US labor market took a punch in October from an extended strike at General Motors but the economy continued to add jobs at a solid pace, according to official data released Friday.
The steady hiring showed demand for workers remained resilient despite President Donald Trump’s protracted trade war with China, that has chilled investment and slowed the economy.
Employers added 128,000 net new jobs, the Labor Department reported in the closely-watched monthly employment report, defying many economists who expected a sharp slowdown.
And gains in the prior months were revised up sharply and wages continued to climb, making the jobs picture even stronger.
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Meanwhile, the jobless rate rose a notch to a still-low 3.6 percent, as expected. The 3.5 percent unemployment rate in September was the lowest since 1969.
Nearly 50,000 GM workers were called back to work this week following a 40-day strike, but the stoppage put a deep dent in October’s auto industry employment levels.
The ranks of auto workers shrank by more than 41,000, according to the report — the biggest drop in that sector since October 2009, when the American auto giant was at the brink of collapse.
Without the impact of the GM strike, employment in the US manufacturing sector would have risen in October.
Hiring was also strong in other sectors, averting the dire outcomes some economists had predicted, as bars, restaurants and financial services companies continued to snap up new workers.
