October’s broad-based payroll growth easily surpassed economists’ forecasts.
By Catholics for Catholics
In October, the job market was remarkably strong and the unemployment rate dipped – an upbeat spot in the economy, though it will probably keep the Fed on track to raise interest rates in December.
Last month, US employers added 165,000 jobs, way beyond expectations of 59,000 and up from September’s upwardly revised gain of 60,000, the Bureau of Labor Statistics said Friday.
In the meantime, the unemployment rate went down to 4.1% from 4.2% the prior month. It’s been at or below 4.5% each month since September 2021 – a record streak that beats a similar time block of low unemployment in the late 1960s.
New payroll data reaffirm the U.S. labor market’s resilience amid several headwinds, from elevated inflation to ongoing tariffs, according to an Epoch Times story.
In addition to last month’s solid reading, the bureau revised previous months higher. September’s gain was revised up by 31,000, from 29,000 to 60,000. August’s count was also adjusted by 53,000, from 133,000 to 186,000.
“The economy is doing well,” Chris Zaccarelli, chief investment officer at Northlight Asset Management, told The Epoch Times in an emailed note.
According to the Epoch Times’ story, last month’s job growth, meanwhile, came almost entirely from the private sector, as government payrolls rose by just 6,000.
“Today’s jobs report, which blew past expectations and added 165,000 jobs, is proof that President Trump’s pro-growth economic agenda is working,” White House spokesman Matthew Middleton said in a statement.
“From almost 20 fair trade deals to trillions in manufacturing investments, this administration is putting America back on a path to prosperity. President Trump’s mission remains unchanged: lowering costs, creating jobs, boosting our economy, and putting American workers first.”
Hiring could accelerate with the economy entering the busy holiday season.
Seasonal hiring got off to a hot start when Amazon said it would hire 300,000 U.S. workers, up by 50,000 from each of the last three years. UPS also announced 100,000 seasonal hires.
In October, seasonal hiring plans surged 26 percent from a year ago, topping about 470,000, according to global outplacement firm Challenger, Gray and Christmas.
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