October Job Numbers Smash Expecations – Unemployment Rate Decreases
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Donald Trump’s economy is booming.
Job numbers for October just smashed expectations.
165,000 jobs were added, way above expectations.
The Bureau of Labor Statistics on Friday reported that employers added 165,000 jobs in October. That figure was well above the 65,000 estimate of economists polled by LSEG.
The unemployment rate decreased slightly to 4.1%, which was lower than the expectations of economists who predicted it would hold steady at 4.2%.
Revisions were made to the payroll numbers for the prior two months, with August revised up by 53,000 from a gain of 133,000 jobs to 186,000 jobs; while the change for September was revised up by 31,000 jobs from a gain of 29,000 to 60,000.
Taken together, employment in August and September was 84,000 higher than previously reported.
This is the first economic release since the midterm elections took place.
As the first major economic release since the midterm elections—in which Democrats secured comfortable majorities in the House and Senate—the results could inform ongoing discussions about the economy and the party’s “Affordability Agenda.” However, a more important report will be the next inflation reading from the BLS, which is due out on Tuesday morning.
