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By Hugh Cameron
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The latest employment numbers from the Department of Labor show that the U.S. jobs market may be on stronger footing than believed just prior to the midterms.
On Friday morning, the Bureau of Labor Statistics (BLS) announced that the economy had added 165,000 jobs in October, up from September’s originally reported total of 29,000. Ahead of the release, analyst forecasts pointed to the addition of 65,000 jobs—considered weak by recent historical standards.
September's total was revised up by 31,000 to 60,000, and August's by 53,000 to 186,000—meaning the past two months' results were 84,000 stronger than previously believed.
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Employment increased in professional and business services, health care, and transportation and warehousing, according to the BLS.
Meanwhile, the unemployment rate ticked down to 4.1 percent in October from 4.2 percent in September.
The numbers arrive during an unusually volatile stretch for the American labor market. Large swings between monthly readings have raised questions over the impact of AI on hiring and firing, how the Federal Reserve should approach its employment mandate amid inflationary pressures, and whether September’s poor showing was an aberration or evidence of a structural slowdown.
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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.
This is a developing story. More to come.
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