US October job growth beats expectations, Economy News & Top Stories


Phil White the company’s chairman will act as executive chairman from Friday until a new chief executive is hired Credit Jamie McDonald Getty Images

The IHS Markit purchasing managers' index picked up to 49.6 in October, from 48.3 in September, where a number below 50 signals contraction.

They showed that USA job growth slowed less than expected in October as the drag from a strike at General Motors was offset by gains elsewhere, while hiring in the prior two months was stronger than previously estimated, offering assurance that consumers would continue to prop up the slowing economy for a while. Notable job gains occurred in food services and drinking places, social assistance, and financial activities.

The remaining payrolls in the inflated figure were tacked on to account for a historic strike at General Motors, the White House said. Both measures were up by 0.4 percentage points over the year, according to the report. Growth at firms that were able to secure new work was hampered by weak demand at other companies.

Donald Trump boasted about his jobs record Friday calling new economic figures 'a blowout'. August's initial 168,000 was revised up to 219,000. Those revisions brought the three-month average up to 176,000. Had the strike never occurred, the number would have been a little higher than that, but still far from the higher-growth 2018 averages.

Average hourly earnings increased 0.2% in October, a slightly slower pace than expected, but overall, they were still up 3% from a year earlier.

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New orders across the manufacturing sector increased for the fifth consecutive month and the rate of growth quickened to the fastest since April.

Subsequently, average factory gate charges across the goods-producing sector were broadly unchanged as manufacturers only partly passed on higher costs to clients. In October 2009, the panel was expanded further to cover the entire manufacturing sector. The average workweek of private-sector production and nonsupervisory employees held at 33.6 hours.

"So if Brexit is delayed again beyond 31st January, and the economy remains weak as we expect, then we still think that the Bank of England will cut rates - perhaps by 25bp in May 2020", says Gregory.

Health care continued to add jobs, but at a much slower rate. Nevertheless, many economists and investors agreed the report was strong.

Still, data tracked by the jobs site Glassdoor indicates that wage gains should start to rebound as companies continue to compete for workers in the hottest job markets. "We're getting more people coming in and looking for work".

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CNN wasn't the only one happy with the win against expectations. Friday's report showed manufacturing jobs falling by 42,000.

Still, hiring has slowed this year.

Consumers have stepped in to do the heavy lifting, with the Commerce Department reporting this week that the economy grew a better than expected 1.9% in the third quarter.

President Trump tweeted in response to the news.

The number was later broken down by the president's Council of Economic Advisors, which told a Washington Post reporter and Yahoo Finance that a series of adjustments added 175,000 jobs to the October number.

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A slowdown in pay growth is another source of concern. Restaurants jobs tend to be low-paying, with few benefits, and for this reason, they often go unfilled in a tight labor market.

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