US economy added 128K jobs in October, beating estimates
(Worthy News) – The U.S. economy added 128,000 jobs in October and the unemployment rate ticked up to 3.6%, according to new data released Friday, overcoming the drag from a monthlong General Motors strike that ended last week.
The monthly employment report from the Labor Department far exceeded expectations from forecasters, who predicted 75,000 jobs would be created in October, a sharp dip from 136,000 in September. Unemployment was expected to increase slightly to 3.6% from 3.5% last month when the country saw a 50-year low.
The unemployment rate for African Americans reached a new record low of 5.4%. Hourly wages rose by 6 cents in October and grew by 3% over the past 12 months. In all, more than 158.5 million Americans are employed. [ Source: Washington Examiner (Read More…) ]
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