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01.11.2019 20:44

U.S. nonfarm payrolls increase more than forecast in October

The U.S. Labor Department announced on Friday that nonfarm payrolls increased by 128,000 in October after an upwardly revised 180,000 gain in the prior month (originally an increase of 136,000).

According to the report, significant job gains occurred in food services and drinking places (+48,000 jobs), social assistance (+20,000), and financial activities (+16,000). Meanwhile, within manufacturing (-36,000 jobs), employment in motor vehicles and parts (-42,000) decreased due to strike activity at General Motors. Federal government employment also dropped (-17,000 jobs), as 20,000 temporary workers who had been preparing for the 2020 Census completed their work.

The unemployment rate rose to 3.6 percent in October from 3.5 percent in September.

Economists had forecast 89,000 new jobs and the jobless rate to increase to 3.6 percent.

The labor force participation rate edged up to 63.3 percent in October from 63.2 percent in September, while hourly earnings for private-sector workers rose 0.2 percent m-o-m (+6 cent) to $28.18, following a revised 0.4 percent m-o-m gain in September (originally unchanged m-o-m). Economists had forecast a 0.3 percent m-o-m advance in the average hourly earnings. Over the year, average hourly earnings have increased by 3.0 percent, the same pace as in September.

The average workweek remained unchanged at 34.4 hours in October, matching economists’ forecast.


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