US Adds 165,000 Jobs in October, Beating Forecasts
The Facts
- U.S. employers added 165,000 jobs in October, far exceeding the 65,000 gain forecast by economists polled by LSEG, the Bureau of Labor Statistics (BLS) reported Friday. The unemployment rate slipped to 4.1% from 4.2%, defying analysts' expectations that it would hold.
- Payroll figures for the prior two months were revised up by a combined 84,000 jobs, with August raised by 53,000 to 186,000 and September lifted by 31,000 to 60,000. October's increase topped all forecasts, BLS data showed.
- Professional and business services led October hiring with 70,000 jobs, well above its average monthly gain of 15,000 over the past year. Health care added 42,000 positions, transportation and warehousing 25,000 and manufacturing 19,000.
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The Spin
Republican narrative
This is proof that President Trump's pro-growth policies work, even in the face of a gloomy forecast. Wall Street lowballed, the media promised doom and instead came broad hiring, solid wage growth and upward revisions. That high-water mark won't last long once tax-and-spend governing takes the wheel.
Democratic narrative
A flashy top-line number says nothing about the quality of the work behind the figure. Hours are getting slashed, temp agencies are carrying the hiring and the broader jobless measure keeps climbing. These are hardly the stuff of a confident economy and, worse, inflation has swallowed every raise, so paychecks keep shrinking in real terms.
The Controversies
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